EUR/AUD Daily Forecast
With a break of the 4-hour 55 EMA, the EUR/AUD intraday bias has returned to the downside. A deeper drop would be expected back to 1.5254/71. A strong break there will have a more bearish implication and will resume the fall from 1.5976. Above 1.5650, the rebound to 1.5749 resistance will resume.
In the big picture, it's still too early to tell whether the rise from 1.4281 represents a bullish trend reversal. However, as long as 1.5271 support holds, such a rally is likely to continue. If 1.5976 is broken, the next key resistance level will be 1.6434. A firm break of 1.5271 will, on the other hand, maintain medium-term bearishness.
Posted On: