Detailed FX Market Outlook and Analysis

Daily Forex Analysis – EUR/AUD – 3-July-2023

Daily Forex Analysis

EUR/AUD Daily Forex Analysis

Our Daily Forex Analysis suggests that the intraday bias for EUR/AUD remains neutral at the moment. We anticipate a further rally with the support level at 1.6255 remaining intact. As previously mentioned, the correction from the high of 2022 at 1.6785 is likely to have completed with three downward waves, reaching 1.5846. A move above 1.6552 would target a retest of the 1.6785 high. However, a break below 1.6255 would dampen this view and shift the bias to the downside, targeting the support level at 1.5846.

In the bigger picture, with the 38.2% retracement of the upward move from 1.4281 to 1.6785 holding at 1.5828, the rally from 1.4281 is still in progress. A decisive break of the 1.6785 level would confirm the resumption of the upward trend, with the next target set at the 100% projection of the move from 1.5254 to 1.6785, calculated from the low of 1.5846, at 1.7377. However, if the price is rejected at 1.6785, it would extend the corrective pattern with another downward leg. Nevertheless, the overall outlook will remain bullish as long as the support level at 1.5828 holds.

EUR/AUD Daily Analysis Summary

Our Daily Forex Analysis indicates a neutral intraday bias for EUR/AUD, with the potential for a further rally while the support level at 1.6255 holds. The bigger picture suggests that the overall outlook remains bullish, with a target of 1.7377 if the price breaks above the high of 2022 at 1.6785.

Key takeaways

  • Intraday bias for EUR/AUD is currently neutral.
  • Further rally is expected as long as the support level at 1.6255 remains intact.
  • A move above 1.6552 would target a retest of the high at 1.6785.

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