EUR/AUD Mid-Day Outlook

Daily Pivots: (S1) 1.6266; (P) 1.6365; (R1) 1.6416; More

Immediate focus is now on 1.6219 support tin EUR/AUD. Considering bearish divergence condition in D MACD, decisive break of 1.6219 will argue that it’s already in correction to whole up trend from 1.4281. Deeper decline would then be seen to 38.2% retracement of 1.4281 to 1.6785 at 1.5282, which is inside 1.5254/5976 support zone. On the upside, break of 1.6411 minor resistance will retain near term bullishness and turn bias back to the upside for retesting 1.6785 high.

In the bigger picture, the solid break of 1.6434 resistance 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 of 1.9799 to 1.4281 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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