EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6173; (P) 1.6227; (R1) 1.6320; More….

EUR/AUD rises to as high as 1.6306 so far today. The break of 1.6252 resistance confirmed that pull back from 1.6353 has completed with three waves down to 1.5984. And, larger up trend is ready to resume. Intraday bias is back on the upside for 1.6353 resistance first. Break will confirm this bullish case and target 1.6587 key resistance next. On the downside, below 1.6220 minor support will turn intraday bias neutral and bring retreat. But downside should be contained well above 1.5984 support to bring another rally.

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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