EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4158; (P) 1.4204; (R1) 1.4277; More

EUR/AUD’s recover from 1.4025 resumed by taking out 1.4274 resistance. But upside momentum is weak so far. Hence, we’d still view it as a correction. Intraday bias is mildly on the upside for 1.4322. On the downside, break of 1.4093 minor support will suggest that such correction is finished and turn bias back to the downside. Break of 1.4025 will resume the larger fall from 1.6587 to key support level at 1.3671. We’d expect downside to be contained there to bring reversal.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a consolidative pattern. 50% retracement of 1.1602 to 1.6587 at 1.4095 was already met. While further fall cannot be ruled out, we’d expect strong support above 1.3671 to contain downside and bring rebound. Up trend from 1.1602 should not be finished and will resume later. Break of 1.4721 resistance will be the first sign of resumption of up trend from 1.1602 and target retesting of 1.6587 high first.

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