Mon, Dec 05, 2022 @ 00:36 GMT

EUR/AUD Mid-Day Outlook

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

EUR/AUD’s rally resumed after brief retreat and intraday bias is back on the upside. Decisive break of 1.5396 key resistance carry larger bullish implication. Next target is 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823. For now, further rally will remain in favor as long as 1.4965 resistance turned support holds.

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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