EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6097; (P) 1.6137; (R1) 1.6159; More….

Intraday bias in EUR/AUD remains neutral for the moment. On the upside, above 1.6175 will suggest that the pull back from 1.6353 is completed and turn bias to the upside for retesting 1.6353. On the downside, break of 1.6051 will extend the correction. But downside should be contained well above 1.5886 cluster support (61.8% retracement at 1.5888) to bring rise resumption.

In the bigger picture, up trend from 1.3624 (2017 low) is still in progress. 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 1.5886 resistance turned 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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