EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6160; (P) 1.6226; (R1) 1.6323; More….

Intraday bias in EUR/AUD remains on the upside at this point. Current rally should target 161.8% projection of 1.5271 to 1.5886 from 1.5601 at 1.6596, which is close to another key resistance level at 1.6587. On the downside, below 1.6121 minor support will turn intraday bias neutral and bring consolidation first, before staging another rise.

In the bigger picture, up trend from 1.3624 (2017 low) has just resumed. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5601 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.

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