Detailed FX Market Outlook and Analysis

Daily Forex Analysis – EUR/AUD – 13-June-2023

EUR/AUD Daily Forex Analysis

EUR/AUD Daily Forex Analysis

In the context of daily Forex analysis, we can anticipate a more profound decline in the EUR/AUD pair. However, the descent should be limited by the 100% projection of 1.6788 to 1.6137 from 1.6516 at 1.5865. A decline in momentum, as evidenced by the 4H MACD, reinforces this perspective. The breaking of the 1.6104 support will signal a temporary bottoming, subsequently shifting the bias back to the upside for a rebound.

Expanding to a wider daily update, we might already see a medium-term top in place at 1.6788, as suggested by the bearish divergence condition in the MACD. The downward movement from this point is perceived as a correction in the broader uptrend from 1.4284 (the low of 2022). We can expect a deeper decline as long as the resistance at 1.6516 holds, targeting the 38.2% retracement of the rise from 1.4284 to 1.6788, which is located at 1.5831. Significant support could be encountered at this point, potentially marking the completion of the first phase of the corrective pattern.

EUR/UAD Daily Analysis Keynotes

  • EUR/AUD pair might experience a deeper fall, limited by the 100% projection at 1.5865.
  • A break of the 1.6104 support could signal short-term bottoming, tilting the bias to the upside.
  • If the 1.6516 resistance holds, expect a deeper decline toward the 38.2% retracement at 1.5831.

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