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 EUR/AUD Daily Outlook

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Join date : 2012-01-25

PostSubject: EUR/AUD Daily Outlook   Mon Mar 17, 2014 9:31 am

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5289; (P) 1.5380; (R1) 1.5451; More...

Intraday bias in EUR/AUD remains neutral for the moment. Even in case of another rise, we'd expect strong resistance below 1.5831 high to bring another decline to extend the correction from there. Break of 1.5310 minor support will turn bias back to the downside for 1.5146 support instead. Break there will likely extend the correction from 1.5831 through 1.4987.

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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