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.
- 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.