EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4080; (P) 1.4130; (R1) 1.4194; More

With 1.4064 minor support intact, intraday bias in EUR/AUD remains on the upside first. We’re favoring the case of medium term trend reversal defending key support level at 1.3671, on bullish convergence condition in daily MACD. Rise from 1.3624 should target 1.4289 resistance first. Sustained break there will affirm our bullish view and target 1.4721 key resistance next. On the downside, below 1.4064 minor support will turn bias neutral and bring consolidation. But downside should be contained above 1.3874 support and bring another rally.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. We’d expect strong support from 1.3671 key level to contain downside and bring rebound. Up trend from 1.1602 should not be finished and will resume later. Break of 1.4721 resistance will indicate completion of such correction and turn outlook bullish for retesting 1.6587 high. However, sustained break of 1.3671 will invalidate our bullish view and would turn focus back to 1.1602 long term bottom.

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