EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6002; (P) 1.6081; (R1) 1.6130; More…

Break of 1.6063 support turns intraday bias in EUR/AUD to the downside for 1.5976 support. Break there will turn focus to 1.5894/5906 key support zone. For now, risk will stay on the downside as long as 1.6323 resistance holds, in case of recovery.

In the bigger picture, as long as 1.5894 support holds, outlook remains bullish. Firm break of 1.6786 will resume up trend from 1.1602 (2012 low). Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. However, sustained break of 1.5894 will have 55 week EMA (now at 1.6081) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.