Detailed FX Market Outlook and Analysis

EUR/AUD Daily Analysis 18-NOV-2022

EUR/AUD Daily Analysis

Intraday bias in EUR/AUD remains neutral for the moment. While the corrective pattern from 1.5704 might extend, the downside should be contained by 55-day EMA (now at 1.5265) to bring a rebound. On the upside, the break of 1.5704 will resume a larger rise from 1.4281. However, a sustained trading below 55-day EMA will bring a deeper correction towards 1.4965 resistance turned support.

In the bigger picture, a medium-term bottom should be in place at 1.4281, on a bullish convergence condition in daily MACD. A further rise would be seen back to the 1.6434 key resistance next. A break of 1.4965 resistance turned support is needed to indicate a reversal. Otherwise, the further rally will remain in favor.

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