EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5291; (P) 1.5386; (R1) 1.5462; More

Intraday bias in EUR/AUD remains on the downside with focus on 1.5271 support. Decisive break there will carry larger bearish implication. Deeper decline 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 1.5499 minor resistance, will revive near term bullishness for 1.5749 resistance 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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