EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4705; (P) 1.4755; (R1) 1.4838; More

Intraday bias in EUR/AUD remains neutral for consolidation below 1.4909 temporary top. More consolidations could be seen but downside should be contained by 1.4442/4649 support zone to bring rise resumption. Above 1.4909 will extend recent rally from 1.3624 to next medium term fibonacci level at 1.5455. Overall near term outlook is that whole correction from 1.6587 has completed at 1.3624 already after defending 1.3671 key support level.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction should be completed after defending 1.3671 key support. Rise from 1.3642 is now expected to target 61.8% retracement of 1.6587 to 1.3624 at 1.5455 and above. In any case, outlook will now stay cautiously bullish as long as 1.4309 resistance turned support holds.

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