Daily Forex Analysis – EUR/AUD
The intraday bias for EUR/AUD has shifted to a neutral stance, primarily driven by the current market retreat. However, the broader outlook remains steadfast in assessing that the corrective phase initiated at 1.7062 has reached its culmination point at 1.6319. It is imperative to monitor the key level of 1.6704, as a breach above it would signify the continuation of the upward trajectory initiated from the 1.6319 low, with the aim of revisiting the pinnacle at 1.7062. Conversely, a decisive breach of 1.6442 would cast doubt on this bullish perspective and reintroduce a downward bias, with the target set at 1.6319 support.
The robust support emanating from the medium-term rising trendline underscores that the ascent from the 2022 low of 1.4281 remains firmly in progress. In the event of this ongoing trend resuming, the subsequent target stands at the 100% projection of the move from 1.5846 to 1.7062, originating from the 1.6319 level, which sets the objective at 1.7353. Regardless of the short-term fluctuations, the overall outlook retains its bullish disposition, contingent upon the stalwart defense of the 1.6319 support level.
Analysis Summary
The intraday bias for EUR/AUD has shifted to a neutral stance amid ongoing corrections. However, the broader outlook remains bullish, with the medium-term rising trendline providing strong support. A breach of 1.6704 would signify a continuation of the upward trend, targeting 1.7062, while 1.6442 could dampen this view, leading to a 1.6319 support test.
Key Takeaways:
- Intraday bias is currently neutral, with potential for a bullish resurgence above 1.6704.
- Strong support from the medium-term rising trendline indicates an ongoing upward trend.
- The 1.6319 support level remains crucial to maintaining the overall bullish outlook.
