Most traders like trading major currencies such as eur/usd, eur/jpy or gbp/usd and they do neglect crosses. I am personally convinced that crosses can often give you bigger opportunities than majors as they can make much bigger moves than most of the majors due to the fact that a lot of investors, speculators and simply traders trade majors and a handful of folks trade crosses. In my opinion eur/aud is one of the best crosses as it forms spectacular moves. Look back to 2012 to see that. What is my outlook for the pair?
I have a feeling (feelings are not very good for trading) that investing community will come back to problems in Europe and continue shorting Euro as they did for the most part of 2011 and the first half of 2012. As the Bank of Australia clearly stated that they have no intentions of cutting interest rates anymore it leads us to a conclusion that eur/aud is one of the best pairs to short Euro. It is also good not only because the pair can collapse, but also that you can make good interest holding your short position in the pair for a long time.
Even if the currency pair fails to collapse you can expect it to stay in wide ranges of around 700 pips (1.2180-1.2810) and trade huge swings between these areas. You simply have to sell at the top and buy at the bottom of the indicated range. It would be wise to wait for some signs of a reversal before you jump into a trade. It is good to know something about reversal patterns that might help you to implement your technical trades.
For more see: eur/aud outlook
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.