EURAUD OUTLOOK

EUR / AUD Daily Outlook | Forex action


Daily pivots: (S1) 1.7788; (P) 1.7911; (R1) 1.8089; More

The outlook for EUR / AUD remains unchanged as the correction from 1.9799 may extend. But the decline should be contained by a 61.8% retracement from 1.6085 to 1.9799 to 1.7504 to bring the rebound back. On the upside, a breakout of the minor resistance of 1.8747 will transform the upside bias to retest the high of 1.9799 first.

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Overall, an upward trend from 1.1602 (2012 low) is underway and a further rally would be observed at 2.1127 (2008 high) and likely at 161.8% projection from 1.1602 to 1.6597 from 1.3524 to 2.1706. On the downside, for the moment, a touch of the resistance at 1.6597 which has become support (2015 high) is necessary to indicate a reversal in the medium term. Otherwise, the outlook will remain optimistic even in the event of a deep decline.

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