EUR/AUD Daily Forex Analysis
Today’s Daily Forex Analysis shifts focus onto the EUR/AUD pair. With the Intraday Analysis showing a strong breakthrough past the resistance at 1.6605, we anticipate further gains leading toward a retest of the 1.6789 high. A clear break at this level would confirm the continuation of the more extensive upward trend, with 1.7381 as the next projection. A dip below the minor support at 1.6581 would, however, halt the bullish scenario, pushing the Intraday Outlook towards a neutral bias.
Delving deeper into the Daily Analysis, as long as the 38.2% retracement of 1.4285 to 1.6789 at 1.5832 remains intact, the rally from 1.4285 continues to be in progress. A firm breakthrough of 1.6789 would validate the resumption of the rise, with an aim towards the 100% projection of 1.5258 to 1.6789 from 1.5850 at 1.7381. Contrarily, a rejection at 1.6789 could lead to an extended corrective pattern with another downward leg. However, the bullish outlook will persist as long as the support at 1.5832 holds.
EUR/AUD Daily Analysis Summary
To summarize, our EUR/AUD Daily Forex Analysis suggests a potential bullish scenario given the strong breakthrough past the 1.6605 resistance. However, any downward shift below the minor support at 1.6581 would push toward a neutral stance. In the broader picture, the bullish outlook remains intact as long as the support at 1.5832 holds, despite potential rejections at 1.6789 leading to further corrective patterns.
Key Points
- The anticipated bullish trend with a potential retest of 1.6789 high.
- Possible neutral bias if minor support at 1.6581 is breached.
- Continued bullish outlook in broader perspective with support at 1.5832.
