EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5089; (P) 1.5159; (R1) 1.5253; More

Despite dipping to 1.5059, EUR/AUD quickly rebounded and resumed larger rise from 1.4318. Intraday bias is back on the upside with focus on 1.5354 resistance. Sustained break there should indicate medium term bottoming at 1.4318. Stronger rally would be seen back to 100% projection of 1.4318 to 1.5277 from 1.4759 at 1.5718. On the downside, however, break of 1.5059 will revive medium term bearishness and turn bias back to the downside.

In the bigger picture, sustained break of 1.5354 support turned resistance will argue that a medium term bottom was formed at 1.4318 already. It would still be too early to call for long term trend reversal. But further rise would then be seen back towards 1.6434 resistance (2021 high). However, rejection by 1.5354 will retain bearishness for extending the down trend from 1.9799 (2020 high) through 1.4318 at a later stage.

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