EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6598; (P) 1.6646; (R1) 1.6735; More

EUR/AUD rose to 1.6692 but retreated since then. Intraday bias is neutral for the moment first. The breach of 1.6671 resistance suggests that rebound from 1.6127 is resuming. More importantly, whole correction from 1.7062 should have completed with three waves down to 1.6127. Further rise is now expected as long as 1.6450 support holds. Above 1.6692 will target 61.8% projection of 1.6127 to 1.6671 from 1.6450 at 1.6786 next.

In the bigger picture, fall from 1.7062 medium term top is seen as a correction to the up trend from 1.4281 (2022 low). Break of 1.6844 resistance will argue that this up trend is ready to resume through 1.7062 high. In case of another fall, strong support should be seen around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound.

Featured Analysis

Learn Forex Trading