EURAUD Outlook |
Written by ActionForex.com |
Mar 06 13 07:15 GMT
EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.2695; (P) 1.2738; (R1) 1.2765; More.....
No change in EUR/AUD's outlook. As long as 1.2913 minor resistance holds, corrective fall from 1.3189 should still be in progress. Near term outlook is mildly bearish for deeper fall to 38.2% retracement of 1.1602 to 1.3189 at 1.2583 and below. Though, break of 1.2913 would flip bias back to the upside for retest of 1.3189 resistance.
In the bigger picture, a medium term bottom is formed at 1.1602 on bullish convergence condition in weekly MACD. This is also supported by sustained trading above 55 weeks EMA. Rise from there should be a correction to the downtrend from 2008 high of 2.1127 and should target 38.2% retracement of 2.1127 to 1.1602 at 1.5241 in medium term. Fall from 1.3189 raised some concerns regarding this bullish view. But after all, we'll stay cautiously bullish as long as 1.2355 support holds and still expect further rally ahead.
Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box