Daily Forex Analysis EUR/AUD
The current intraday sentiment for EUR/AUD is tilted towards the bears. The pair’s recent corrective climb from 1.6323 appears to have peaked at 1.6847. A further descent is anticipated, with an aim to re-evaluate the 1.6323 support threshold. Should the pair breach the 1.6592 minor resistance, it would neutralize the intraday bias.
From a broader landscape, enduring support from the medium-term ascending trendline, originating from the 2022 low of 1.4285, suggests the uptrend remains unbroken. A robust push beyond 1.7066 could carve a path to the 61.8% Fibonacci retracement of the journey from the 2020 zenith of 1.9803 down to 1.4285, situated at 1.7695. The outlook remains bullish, provided the 1.6323 pivot withstands bearish pressures. Conversely, a decisive downturn through this support would mark a medium-term peak at 1.7066, potentially triggering a steeper descent towards the 1.5850 support zone.
Analysis Summary
EUR/AUD’s intraday perspective is bearish, with the potential for retesting support at 1.6323. However, the medium-term trajectory is bullish above this level, possibly advancing toward the 1.7695 Fibonacci retracement if the pair breaks above 1.7066.
Key Analysis Insights
- Bearish intraday bias with a possible retest of 1.6323 support.
- The medium-term view remains bullish above 1.6323.
- A break above 1.7066 could extend gains to 1.7695.
