EUR/AUD Daily Outlook

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4166; (P) 1.4215; (R1) 1.4286; More.....

Intraday bias in EUR/AUD remains neutral for the moment. The corrective fall from 1.5029 might still extend lower. But we'd expect strong support from 38.2% retracement 1.2218 to 1.5029 at 1.3955 to contain downside and bring rebound. Break of 1.4529 resistance will confirm near term bottoming and turn outlook bullish for a test on 1.5029. However, decisive break of 1.3955 will pave the way to 1.3189 key support level.

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 crossed formed a top at 1.5029. Judging from the structure of the fall from 1.5029, the cross is merely in sideway consolidation and the rise from 1.1602 is in favor to resume later. We're prefer this bullish view as long as 38.2% retracement of 1.2218 to 1.5029 at 1.3955 holds. Sustained break of 1.3955 will argue that 1.5241 fibo resistance was already failed and the whole rebound from 1.1602 has possibly finished.