Mon, May 29, 2023 @ 02:03 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6145; (P) 1.6267; (R1) 1.6349; More

Further rise is expected in EUR/AUD with 1.6033 support intact. Decisive break of 0.6389/6434 cluster resistance zone will carry larger bullish implications. However, firm break of 1.6033 support will confirm short term topping, after rejection by the mentioned resistance. Intraday bias will be turned 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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