Mon, Jun 05, 2023 @ 07:51 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6317; (P) 1.6352; (R1) 1.6388; More

EUR/AUD dips slightly lower today but stays well above 1.6216 minor support. Intraday bias stays neutral for the moment. Considering bearish divergence condition in 4H MACD, firm break of 1.6216 should confirm short term topping, after rejection by 1.6389/6434 cluster resistance zone. Intraday bias will be back on the downside in this case, to 1.6033 support and possibly below. However, on the upside, decisive break of 1.6389/6434 cluster resistance zone will carry larger bullish implications.

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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