Tue, May 30, 2023 @ 07:58 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6573; (P) 1.6680; (R1) 1.6824; More

Intraday bias in EUR/AUD remains neutral for consolidation below 1.6785. Downside of retreat should be contained by 1.6444 resistance turned support to bring rally resumption. On the upside, break of 1.6785 will resume larger up trend to 100% projection of 1.4281 to 1.5976 from 1.5254 at 1.6949.

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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