EUR/AUD Mid-Day Outlook

Daily Pivots: (S1) 1.6097; (P) 1.6137; (R1) 1.6159; More….

EUR/AUD’s rebound from 1.6051 resumes by taking out 1.6175 minor resistance. Intraday bias is back on the upside for 1.6353 high. The correction from 1.6353 has likely completed at 1.6051 already. And larger medium up trend might be resuming. Break of 1.6353 will confirm tis bullish case and target 1.6587 key resistance next.

In the bigger picture, up trend from 1.3624 (2017 low) is still in progress. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5886 resistance turned support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.