Daily Pivots: (S1) 1.7230; (P) 1.7326; (R1) 1.7379; More…
EUR/AUD’s fall from 1.8160 resumed by breaking through 1.7287 and intraday bias is back on the downside. Current decline is seen as the third leg of the whole pattern from 1.8554. Next target is 100% projection of 1.8554 to 1.7245 from 1.8160 at 1.6851. For now, outlook will stay bearish as long as 1.7466 resistance holds, in case of recovery.
In the bigger picture, the break of 55 W EMA (now at 1.7464) argues that fall from 1.8554 medium term top is correcting whole up trend from 1.4281 (2022 low). Deeper decline is in favor to 38.2% retracement of 1.4281 to 1.8554 at 1.6922, and possibly below. Risk will stay on the downside as long as 1.8160 resistance holds, in case of strong rebound.
