EUR/AUD Daily Outlook

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4238; (P) 1.4289; (R1) 1.4360; More.....

The breach of 1.3234 temporary low was brief and fall from 1.5029 is not ready to resume yet. Nonetheless, with 1.4468 resistance intact, near term outlook stays bearish and current decline should extend to 38.2% retracement of 1.2218 to 1.5029 at 1.3955 next. Above 1.4468 will indicate short term bottoming and would bring stronger recovery. But upside should be limited below 1.5029 to bring another decline to extend the consolidation.

In the bigger picture, medium term rally from 1.1602 is so far viewed as a corrective move. Some resistance was seen below 38.2% retracement of 2.1127 to 1.1602 at 1.5241 and the cross might now turn into sideway trading. We'll pay attention to the structure of the fall from 1.5029 to decide whether the correction from 1.1602 has finished. Before any conclusion, as long as 1.3189 support holds, we'd expect EUR/AUD to engage sideway trading for a while.