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 EUR/AUD Daily Outlook

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Join date : 2012-01-25

PostSubject: EUR/AUD Daily Outlook   Mon Mar 10, 2014 10:47 am

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5229; (P) 1.5270; (R1) 1.5338; More.....

Intraday bias in EUR/AUD remains neutral for the moment. Another fall is expected as long as 1.5404 minor resistance holds. Below 1.5146 will target 1.4987 support first. Decisive break of 1.4987 will have larger bearish implication and indicates medium term topping at 1.5831. The will be supported by break of medium term trend line, bearish divergence condition in daily MACD, and head and shoulder top pattern (ls: 1.5596; h: 1.5831; rs: 1.5499). In such case, outlook will be turned bearish for deeper fall. Nonetheless, break of 1.5404 would likely bring another recovery to 1.5499 and above.

In the bigger picture, loss of momentum is seen in EUR/AUD in bearish divergence condition in daily and weekly MACD. Break of 1.4987 should confirm medium term topping and will bring correction back to 38.2% retracement of 1.1602 to 1.5831 at 1.4216. On the upside, in case of another rise, we'd likely see strong resistance from 50% retracement of 2.1127 (2008 high) to 1.1602 (2012 low) at 1.6365 to bring topping.
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