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EURAUD Outlook

EUR/AUD Mid-Day Outlook

Typography

Daily Pivots: (S1) 1.4741; (P) 1.4775; (R1) 1.4836; More...

EUR/AUD's break of 1.4909 resistance confirms resumption of recent rise from 1.3624. Intraday bias is back on the upside for 1.5094 resistance next. As noted before, outlook is unchanged that whole correction from 1.6587 has completed at 1.3624 already after defending 1.3671 key support level. Break of 1.5094 will target next medium term fibonacci level at 1.5455. On the downside, break of 1.4669 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction should be completed after defending 1.3671 key support. Rise from 1.3642 is now expected to target 61.8% retracement of 1.6587 to 1.3624 at 1.5455 and above. In any case, outlook will now stay cautiously bullish as long as 1.4309 resistance turned support holds.