EUR/AUD Daily Outlook

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5147; (P) 1.5201; (R1) 1.5244; More...

Intraday bias in EUR/AUD remains on the downside for the moment. Current development suggests that correction pattern from 1.4987 has completed at 1.5536 already. Break of 1.5146 support will argue that whole decline from 1.5831 is resuming for another low below 1.4987. On the upside, above 1.5357 will delay the bearish case again and turn bias neutral.

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.