EUR/AUD Daily Forex Analysis
In our Daily Forex Analysis, the EUR/AUD pair maintains a neutral intraday outlook as it continues to trade within a range. The support level of 1.6287 remains robust, suggesting a further rally could be on the horizon. It has been observed that the correction from 1.6825 should have concluded, having made three waves down to 1.5886. A break above 1.6592 may pave the way for a retesting of the 1.6825 high. However, a substantial break below the 1.6287 support level could cast doubt on this outlook and shift the bias towards a decline towards the 1.5886 support level.
Expanding our daily analysis to the bigger picture, and keeping in mind the 38.2% retracement from 1.4321 to 1.6825 at 1.5868, we can conclude that the rally from 1.4321 is still underway. A firm break beyond the 1.6825 level would signify a resumption of this rally, setting a new target at 1.7417, which is the 100% projection from the 1.5294 to 1.6825 range, measured from 1.5886.
Conversely, if the currency pair is rejected at 1.6825, it could extend the corrective pattern with another leg of the fall. Despite this possibility, the bullish outlook will remain intact as long as the support at 1.5868 continues to hold.
EUR/AUD Daily Analysis Summary
The EUR/AUD pair displays a neutral intraday bias while trading within a range. A further rally is expected with robust support at 1.6287, whereas a substantial break below this level could indicate a decline towards 1.5886. In the wider perspective, a rally from 1.4321 is still in progress, with a target set at 1.7417 if the 1.6825 level is firmly breached.
Key Points
- EUR/AUD maintains a neutral intraday bias, with a possible further rally as long as the 1.6287 support level holds.
- A break below the 1.6287 support level could shift the bias towards a decline to 1.5886.
- From a broader perspective, the rally from 1.4321 is still ongoing, targeting 1.7417 if a firm breach of the 1.6825 level is achieved.
