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EURAUD Outlook

EUR/AUD Daily Outlook

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Daily Pivots: (S1) 1.5507; (P) 1.5568; (R1) 1.5656; More....

EUR/AUD rebounds further today but it's staying below 1.5770 resistance. Intraday bias remains neutral first. Overall, price actions from 1.5770 is seen as a consolidation pattern. In case of another fall, we'd expect strong support above 1.5226 key support to bring rebound. Medium term rally is still expected to resume later and break of 1.5770 will target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first.

In the bigger picture, we're holding on to the view that corrective decline from 1.6587 medium term top (2015 high) has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. We'll hold on to this bullish view as long as 1.5226 resistance turned support holds. Firm break of 1.6587 will resume long term rise from 1.1602 (2012 low).