EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6430; (P) 1.6472; (R1) 1.6540; More

EUR/AUD’s rally is in progress and hits as high as 1.6574 so far today. Intraday bias remains on the upside at this point. Current up trend should target 100% projection of 1.4281 to 1.5976 from 1.5254 at 1.6949. For now, near term outlook will remain bullish as long as 1.6219 support holds, in case of retreat.

In the bigger picture, the solid break of 1.6389/6434 cluster resistance (38.2% retracement of 1.9799 to 1.4281 at 1.6389) argues that whole down trend from 1.9799 (2020 high) has completed at 1.4281 (2022 low). Further rise should be seen to 61.8% retracement at 1.7691 next. For now, outlook will stay bullish as long as 1.5976 resistance turned support holds, even in case of deep pull back.

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