EUR/AUD Daily Outlook

 

Daily Pivots: (S1) 1.4303; (P) 1.4348; (R1) 1.4391;
No change in EUR/AUD's outlook. Recovery from 1.4192 short term bottom could extend higher. But upside should be limited well below 1.5029 resistance. We'd expect another decline to extend the correction from 1.5029. Below 1.4192 will target 38.2% retracement of 1.2218 to 1.5029 at 1.3955.
In the bigger picture, medium term rally from 1.1602 is so far viewed as a corrective move. Some resistance was seen below 38.2% retracement of 2.1127 to 1.1602 at 1.5241 and the cross might now turn into sideway trading. We'll pay attention to the structure of the fall from 1.5029 to decide whether the correction from 1.1602 has finished. Before any conclusion, as long as 1.3189 support holds, we'd expect EUR/AUD to engage sideway trading for a while.