EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.6160; (P) 1.6207; (R1) 1.6236;
EUR/AUD retreats again after hitting 1.6250. With 4 hour MACD crossed below signal line, intraday bias is turned neutral again. Recent sideway trading is set to extend further. But as long as 1.5984 support holds, further rise is expected. On the upside, break of 1.6357 will resume larger up trend to 1.6587 key resistance next.
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. However, sustained break of 1.5984 will be an early sign of trend reversal.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8806; (P) 0.8828; (R1) 0.8856;
EUR/GBP’s corrective rise from 0.8722 is still in progress and could extend to 38.2% retracement of 0.9097 to 0.8722 at 0.8865. Break will pave the way to 61.8% retracement at 0.8954 and above. On the downside, however, break of 0.8798 minor support will turn bias back to the downside for 0.8722 and possibly below.
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. On the upside, break of 0.9097 will target 0.9304 resistance instead.
