Daily Forex Analysis – EUR/AUD
The Intraday Outlook for EUR/AUD is currently holding a neutral stance, with the continuation of sideways trading significantly evident. A downward breach of 1.6456 will likely see a continuation of the fall from 1.7066, hinting at a broader correction scale aiming for the 1.6004 Fibonacci level. However, a substantial break above 1.6797 would counter this perspective, potentially leading to a retest of 1.7066.
The Daily Forex Analysis suggests that the decline originating from 1.7066 is possibly a corrective phase of the entire upward trend that started at 1.4285 (the low of 2022). A deeper drop is anticipated, possibly extending to the 38.2% retracement level of 1.6004, from 1.4285 to 1.7066. It is expected that robust support would manifest at this level, prompting a rebound on the initial attempt.
Delving deeper into the Daily Analysis, it seems apparent that each shift, whether upwards or downwards, in the EUR/AUD pair carries crucial implications for intraday trading strategies. The movement towards or away from key resistance and support levels can provide vital clues regarding future price directions, and whether the broader trends are subject to change.
Analysis Summary
The EUR/AUD pair maintains a neutral Intraday Analysis stance. A descent below 1.6456 could initiate a larger-scale correction towards 1.6004, but a firm ascend above 1.6797 may lead to a retest of 1.7066. In the broader perspective, the decline from 1.7066 seems to be a correction of the overall ascending trend from 1.4285 in 2022.
Key Points
- EUR/AUD Intraday Outlook remains neutral amid continuous sideways trading.
- A breach below 1.6456 may trigger a broader correction to 1.6004.
- Strong support is anticipated at 1.6004 to induce a rebound.
