Mon, May 29, 2023 @ 03:22 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6175; (P) 1.6242; (R1) 1.6287; More

Intraday bias in EUR/AUD remains neutral for the moment. Further rally is expected as long as 1.6053 support holds. Focus is now on 1.6389/6434 cluster resistance zone. Decisive break there will carry larger bullish implications. However, break of 1.6053 will indicate short term topping and turn bias back to the downside for 1.5848 support and possibly below.

In the bigger picture, focus stays on 1.6389/6434 cluster resistance (38.2% retracement of 1.9799 to 1.4281 at 1.6389). Sustained break there should confirm that whole down trend from 1.9799 (2020 high) has completed. Further rally should then be seen to 61.8% retracement at 1.7691. However, rejection by this cluster resistance will make medium term outlook neutral at best.

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