EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4982; (P) 1.5145; (R1) 1.5239; More

Intraday bias in EUR/AUD is turned neutral first with current retreat. But further rally is expected as long as 1.4965 resistance turned support holds. Above 1.5334 will resume the rally from 1.4281 to 1.5396 key resistance. Firm break there will carry larger bullish implication. On the downside, however, break of 1.4965 will bring deeper fall to 1.4716 support and possibly below.

In the bigger picture, current development raises the chance of medium term bottoming at at 1.4281, on bullish convergence condition in daily MACD. Firm break of 1.5396 will bring stronger rally back to 1.6434 key resistance next. Nevertheless, rejection by 1.5396 will maintain medium term bearishness for another fall through 1.4281 at a later stage.

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