Fri, Jun 09, 2023 @ 14:46 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4745; (P) 1.4831; (R1) 1.4879; More

Intraday bias in EUR/AUD remains on the downside for the moment as fall from 1.5277 is in progress. Corrective rebound from 1.4138 should have completed at 1.5277, ahead of 1.5354 resistance. Break of 1.4597 support will bring retest of 1.4318 low. On the upside, above 1.4965 minor resistance will mix up the outlook and turn intraday bias neutral first.

In the bigger picture, as long as 1.5354 support turned resistance holds, larger down trend from 1.9799 (2020 high) is still expected to continue. On resumption, next target is 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). However, firm break of 1.5354 will indicate medium term bottoming and bring stronger rally back to 1.6434 key resistance.

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