EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6264; (P) 1.6328; (R1) 1.6399; More

EUR/AUD rises to as high as 1.6484 so far today. Break of 1.6448 resistance indicates resumption of whole rise form 1.5683. Intraday bias stays on the upside for 1.6765 key resistance next. On the downside, below 1.6320 minor support will turn intraday bias neutral first. Downside of retreat should be contained by 1.6247 resistance turned support to bring rise resumption.

In the bigger picture, as long as 1.5346 support holds, medium term outlook will still remain bullish. Up trend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal and turn outlook bearish.

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