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EUR/AUD Mid-Day Outlook


Every day Pivots: (S1) 1.6266; (P) 1.6365; (R1) 1.6416; Extra…

Fast focus is now on 1.6219 assist tin EUR/AUD. Contemplating bearish divergence situation in D MACD, decisive break of 1.6219 will argue that it’s already in correction to entire up development from 1.4281. Deeper decline would then be seen to 38.2% retracement of 1.4281 to 1.6785 at 1.5282, which is inside 1.5254/5976 assist zone. On the upside, break of 1.6411 minor resistance will retain close to time period bullishness and switch bias again to the upside for retesting 1.6785 excessive.

Within the larger image, the strong break of 1.6434 resistance argues that entire down development from 1.9799 (2020 excessive) has accomplished at 1.4281 (2022 low). Additional rise must be seen to 61.8% retracement of 1.9799 to 1.4281 at 1.7691 subsequent. For now, outlook will keep bullish so long as 1.5976 resistance turned assist holds, even in case of deep pull again.

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