Daily Forex Analysis – EUR/AUD
The EUR/AUD currency pair showcased resilience, bouncing back from a low of 1.6635 to a neutral stance in the intraday analysis. The potential for upward momentum is highlighted by the possibility of a sustained breach above 1.6847, aiming to revisit the 1.7066 peak. Conversely, a drop below the minor support of 1.6635 could pivot the focus downwards towards the 1.6453 support level.
The 1.7066 level represents a significant medium-term peak. Despite this, there’s no definitive indication of a trend shift, as the EUR/AUD pair continues to find robust backing along its medium-term trend line. A push past 1.7066 could signal a continuation of the larger upward trend, extending from the 2022 low of 1.4285 to a Fibonacci level of 1.7695. However, a breach below the 1.6453 support level could suggest a more profound correction, potentially reaching the 38.2% Fibonacci retracement of the 1.4285 to 1.7066 range, around 1.6004.
Analysis Summary
The EUR/AUD pair demonstrates resilience, fluctuating between recovery and potential downward corrections. Key levels include 1.7066 for upward momentum and 1.6453 for downward trends. The larger picture suggests a possible continuation of the uptrend or a correction to 1.6004, based on medium-term trends and Fibonacci retracement levels.
Key Points
- A potential upward break above 1.6847 to target 1.7066.
- Downward pivot possible below 1.6635, eyeing 1.6453.
- Broader view: Uptrend continuation versus correction to 1.6004.
