EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6176; (P) 1.6264; (R1) 1.6316; More

Immediate focus is now on 1.6219 support in 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 towards 1.5254/5976 support zone instead. Meanwhile, rebound from current level, followed by 1.6411 minor resistance will retain near term bullishness, and turn bias back to the upside for retesting 1.6785 resistance instead.

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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