EURAUD Outlook |
Written by ActionForex.com |
Sep 19 13 03:19 GMT
EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.4158; (P) 1.4228; (R1) 1.4265; More.....
EUR/AUD's fall resumes by taking out 1.4234 temporary low and intraday bias is back on the downside. Current fall from 1..5029 should extend to 38.2% retracement of 1.2218 to 1.5029 at 1.3955 next. Above 1.4401 will indicate short term bottoming and would bring 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.
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