EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5788; (P) 1.5826; (R1) 1.5857; More

As long as 1.5743 resistance turned support holds, further rise is still in favor in EUR/AUD. Above 1.5980 minor resistance will turn bias to the upside for 1.6168 first. Break will resume rise form 1.5354 to 1.6434 resistance next. However, firm break of 1.5743 will indicate that rebound from 1.5354 is over and bring deeper fall back to 1.5250/5354 support zone.

In the bigger picture, medium term outlook is neutral for the moment. Rise from 1.5354 is seen as the third leg of the corrective pattern from 1.5250 low first. Further rise could be seen through 1.6434 towards 38.2% retracement of 1.9799 to 1.5250 at 1.6988. On the downside, however, sustained trading below 55 day EMA (now at 1.5759) will turn focus back to 1.5250 low instead.

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