Technical Outlook EURAUD Outlook EUR/AUD Daily Outlook

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6548; (P) 1.6574; (R1) 1.6612; More

Intraday bias in EUR/AUD is turned neutral with current retreat and some consolidations would be seen. Further rally is mildly in favor. Above 1.6616 will resume the rebound form 1.6368 to 1.6677 resistance next. Break there will confirm that correction from 1.6742 has completed, and bring further rally through this high. However, sustained break of 55 4H EMA (now at 1.6500) will bring turn bias back to the downside for 1.6368 support instead.

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). The correction is probably still in progress with fall from 1.6742 as the third leg. Strong support is expected around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound.



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