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EUR/AUD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Sep 20 11 07:53 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.3290; (P) 1.3360; (R1) 1.3456; More.

Intraday bias in EUR/AUD remains neutral for the moment and some more consolidations would be seen first. On the upside, above 1.3481 will bring another rise towards 1.3648/3827 resistance zone. On the downside, though, below 1.3205 minor support will argue that recovery from 1.3022 is finished and flip bias back to the downside for 1.3 psychological level and below.

In the bigger picture, price actions from 1.2926 are treated as a medium term consolidation pattern, which might still be in progress. Such pattern might extend further in range of 1.2926 and 1.4341. Nevertheless, we'll stay bearish as long as 1.4341 resistance holds and favor an eventual downside break out. Sustained trading below 1.2926 should pave the way to 1.2 psychological level next.

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