EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5567; (P) 1.5658; (R1) 1.5718; More

Intraday bias sin EUR/AUD is turned neutral first as it quickly lost momentum after breaching 1.5704. But for now, near term outlook will remain bullish as long as 1.5271 support holds, in case of retreat. Break of 1.5747 will resume larger rally to 61.8% projection of 1.4281 to 1.5704 from 1.5271 at 1.6150.

In the bigger picture, a medium term bottom should be in place at 1.4281, on bullish convergence condition in daily MACD. Further rise would be seen back to 1.6434 key resistance next. Break of 1.5271 support is needed to indicate reversal. Otherwise, further rally will remain in favor.

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