EURAUD Outlook
EUR/AUD Weekly Outlook
EUR/AUD's extended rebound and breach of 1.6264 suggests medium term bottoming at 1.5774. Initial bias stays on the upside this week for 1.6334 resistance. Break there will solidify this bullish case, and target 1.6842 cluster resistance next. For now, risk will be mildly on the upside as long as 1.5987 support holds in case of retreat.
In the bigger picture, a medium term bottom could be in place at 1.5774 on bullish divergence condition in D MACD. Sustained trading above 55 W EMA (now at 1.6548). Sustained break there will target 1.6842, with 38.2% retracement of 1.8554 (2025 high) to 1.5774 at 1.6836, even as a corrective bounce. Though, rejection by 55 W EMA will bring retest of 1.5774 low.
In the longer term picture, fall from 1.8554 is seen as the third leg of the pattern from 1.9799 (2020 high), which is part of the pattern from 2.1127 (2008 high). Deeper fall should be seen to 1.4281 and possibly below. This will now remain the favored case as long as 55 M EMA (now at 1.6523) holds.
EUR/AUD Daily Outlook
EUR/AUD's extended rebound and break of 1.6264 resistance suggests medium term bottoming at 1.5774. Intraday bias is back on the upside. Firm break of 1.6334 will solidify this bullish case, and target 1.6842 cluster resistance next. For now, risk will be mildly on the upside as long as 1.5987 support holds in case of retreat.
In the bigger picture, a medium term bottom could be in place at 1.5774 on bullish divergence condition in D MACD. Sustained trading above 55 W EMA (now at 1.6548). Sustained break there will target 1.6842, with 38.2% retracement of 1.8554 (2025 high) to 1.5774 at 1.6836, even as a corrective bounce. Though, rejection by 55 W EMA will bring retest of 1.5774 low.
EUR/AUD Daily Outlook
Intraday bias in EUR/AUD is turned neutral with current retreat. While another rebound cannot be ruled out, outlook will remain bearish as long as 1.6264 resistance holds. Below 1.5950 minor support will bring retest of 1.5774 support first. Firm break of 1.5774 will target 1.5359 projection level.
In the bigger picture, down trend from 1.8554 (2025 high) is in progress. Next target is 61.8% projection of 1.8160 to 1.6125 from 1.6617 at 1.5359. Firm break there will target 100% projection at 1.4582. For now, outlook will remain bearish as long as 55 W EMA (now at 1.6559) holds, in case of rebound.
