EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5619; (P) 1.5701; (R1) 1.5756; More….

No change in EUR/AUD’s outlook. Further rise is expected as long as 1.5633 minor support holds. Sustained trading above 1.5770 will confirm resumption of medium term rise from 1.3264. In that case, EUR/AUD should target 1.6587 key long term resistance. However, below 1.5633 minor support minor support will dampen this bullish case and turn bias to the downside.

In the bigger picture, medium term rise from 1.3624 is not completed yet. Break of 1.5770 will extend the rise to retest 1.6587 (2015 high). However, considering bearish divergence condition in daily MACD, sustained break of 1.4949 cluster support (38.2% retracement of 1.3624 to 1.5770 at 1.4950) will indicate medium term reversal. And there is prospect of retesting 1.3624 low in that bearish case.

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