Mon, Sep 27, 2021 @ 00:33 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6050; (P) 1.6095; (R1) 1.6170; More

EUR/AUD’s break of 1.6116 resistance aruges that pull back from 1.6434 has completed after defending 1.5898 structural support. Larger rise from 1.5250 is still in progress. Intraday bias is back on the upside for retesting 1.6434 first. On the downside, below 1.5991 minor support will turn bias back to 1.5898 key structural support instead.

In the bigger picture, rise from 1.5250 medium term bottom is currently seen as a correction to the down trend from 1.9799 first. Stronger rise could be seen to 38.2% retracement of 1.9799 to 1.5250 at 1.6988 next. We’d tentatively expect strong resistance from there to limit upside, at least on first attempt. Meanwhile, break of 1.5898 support will indicate that the rebound has completed. Larger down trend from 1.9799 might be ready to resume through 1.5250 low.

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