EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4024; (P) 1.4101; (R1) 1.4174; More

Breach of 1.4072 indicates resumption of whole corrective fall from 1.6587. Intraday bias is cautiously on the downside for next key support level at 1.3671. We’d expect bottoming around there to bring reversal. On the upside, above 1.4251 minor resistance will turn bias neutral first.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a consolidative pattern. 50% retracement of 1.1602 to 1.6587 at 1.4095 was already met. While further fall cannot be ruled out, we’d expect strong support above 1.3671 to contain downside and bring rebound. Up trend from 1.1602 should not be finished and will resume later. Break of 1.4880 resistance will be the first sign of resumption of up trend from 1.1602 and target retesting of 1.6587 resistance first.

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