Tue, Jan 31, 2023 @ 16:39 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5408; (P) 1.5455; (R1) 1.5502; More

EUR/AUD’s decline from 1.5976 resumes by breaking through 1.5376 today, and intraday bias is back on the downside. Sustained break of 1.5271 support will carry larger bearish implications. Deeper fall would then be seen to 61.8% retracement of 1.4281 to 1.5976 at 1.4928. Nevertheless, rebound from current level, followed by break of 1.5749 resistance, will revive near term bullishness for 1.5976 and above.

In the bigger picture, it’s still early to confirm if rise from 1.4281 represents bullish trend reversal. But as long as 1.5271 support holds, such rally is in favor to continue. Break of 1.5976 will target 1.6434 key resistance next. On the other hand, firm break of 1.5271 will retain medium term bearishness instead.

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