EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5151; (P) 1.5275; (R1) 1.5357; More

Intraday bias in EUR/AUD is turned neutral as it retreated after failing to sustain above 1.5396 resistance. For now, further rally is in favor as long as 1.5047 support holds. Firm break of 1.5416 will carry larger bullish implication. Next target is 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823.

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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