EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.6205; (P) 1.6280; (R1) 1.6415;
EUR/AUD’s strong rebound from 1.6145 revived the bullish case and turn focus back to 1.6353 resistance. Decisive break there will resume larger up trend and target 1.6587 key resistance next. On the downside, however, break of 1.6145 support will turn near term outlook neutral again.
In the bigger picture, up trend from 1.3624 (2017 low) is still in progress. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5984 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8719; (P) 0.8736; (R1) 0.8748;
A temporary low is in place at 0.8722 in EUR/GBP with 4 hour MACD crossed above signal line. Intraday bias is turned neutral for consolidation. But outlook will stay bearish as long as 0.8847 support turned resistance holds. Below 0.8722 will extend the decline from 0.9097 for 0.8620 low first. Decisive break there will resume whole down trend from 0.9304. In that case, next target will be 100% projection of 0.9305 to 0.8620 from 0.9097 at 0.8412.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current development suggests that fall from 0.9303, as a down leg in the pattern, is still in progress. But in case of deeper fall, downside should be contained by 0.8116 cluster support, 50% retracement of 0.6935 (2015 low) to 0.9304 at 0.8120, to bring rebound.
