Thu, Mar 23, 2023 @ 12:25 GMT

EUR/AUD Mid-Day Outlook

Daily Pivots: (S1) 1.5763; (P) 1.5824; (R1) 1.5932; More

EUR/AUD’s break of 1.5976 resistance confirms resumption of rise from 1.4281. Intraday bias remains on the upside. Current rally should target 61.8% projection of 1.4281 to 1.5976 from 1.5254 at 1.6302. On the downside, below 1.5840 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.

In the bigger picture, the strong support from 55 week EMA (now at 1.5396) is raising the chance of bullish trend reversal. On break of 1.5976, focus will be on 1.6434 cluster resistance (38.2% retracement of 1.9799 to 1.4281 at 1.6389). Sustained break there should confirm that whole down trend form 1.9799 (2020 high) has completed. However, rejection by this cluster resistance will make medium term outlook neutral at best.

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