EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6575; (P) 1.6615; (R1) 1.6650; More

Intraday bias in EUR/AUD remains neutral at this point as consolidation from 1.6692 is extending. Overall, further rally is expected as long as 1.6450 support holds. Current development suggests that whole correction from 1.7062 should have completed with three waves down to 1.6127. Break of 1.6692 will resume the rise from 1.6127 to 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.

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