EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5562; (P) 1.5617; (R1) 1.5717; More….

Intraday bias in EUR/AUD remains on the upside as medium term rise from 1.3624 is in progress. Further rally would be seen to 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first. Break will target 100% projection at 1.6551, which is close to 1.6587 key resistance. On the downside, break of 1.5458 support is needed to indicate short term topping. Otherwise, outlook will remains bullish in case of retreat.

In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top (2015 high) has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. We’ll hold on to this bullish view as long as 1.5226 resistance turned support holds. Firm break of 1.6587 will resume long term rise from 1.1602 (2012 low).

Featured Analysis

Learn Forex Trading