EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.5646; (P) 1.5673; (R1) 1.5711;
Outlook in EUR/AUD remains unchanged. Further decline is expected with 1.5853 resistance intact, for 1.5601 support next. Decisive break there will target 1.5271/5313 cluster support zone next. On the upside, break of 1.5853 minor resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, current development argues that up trend from 1.3624 (2017 low) is possibly completed at 1.6357, ahead of 1.6587 (2015 high). This is supported by bearish divergence condition in weekly MACD. Deeper decline is now in favor to 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313). Break will target 61.8% retracement at 1.4668. On the upside, break of 1.6357 is needed to confirm up trend resumption. Otherwise, risk will now stay on the downside even in case of strong rebound.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8704; (P) 0.8725; (R1) 0.8759;
Intraday bias in EUR/GBP remains neutral for consolidation above 0.8690 temporary low. As long as 0.8800 minor resistance holds, another fall is expected. On the downside, break of 0.8690 will extend whole fall from 0.9098 to 0.8620 support first. Break will target 100% projection of 0.9098 to 0.8722 from 0.8939 at 0.8563 next. However, break of 0.8800 will turn focus back to 0.8939 resistance instead.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Medium term fall from 0.9305 is possibly in progress and could extend through 0.8620. On the upside, break of 0.8939 resistance is needed to indicate medium term reversal. Otherwise, outlook will remain cautiously bearish even in case of rebound.
