Birmingham , UK

EUR/AUD Mid-Day Outlook


Every day Pivots: (S1) 1.4982; (P) 1.5145; (R1) 1.5239; Extra…

EUR/AUD’s rally resumed after transient retreat and intraday bias is again on the upside. Decisive break of 1.5396 key resistance carry bigger bullish implication. Subsequent goal is 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823. For now, additional rally will stay in favor so long as 1.4965 resistance turned assist holds.

Within the greater image, present improvement raises the prospect of medium time period bottoming at at 1.4281, on bullish convergence situation in every day MACD. Agency break of 1.5396 will deliver stronger rally again to 1.6434 key resistance subsequent. However, rejection by 1.5396 will keep medium time period bearishness for an additional fall via 1.4281 at a later stage.

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