EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.6045; (P) 1.6098; (R1) 1.6169;
EUR/AUD gyrates lower but stays in range of 1.5984/6357. Intraday bias remains neutral for the moment. As long as 1.5984 support holds, further rise is still expected. On the upside, break of 1.6357 will resume larger up trend and target 1.6587 key resistance next. On the downside, however, break of 1.5984 will be an early sign of trend reversal and turn outlook bearish.
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 and turn focus to 1.5601 support for confirmation.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8869; (P) 0.8889; (R1) 0.8909;
EUR/GBP’s rebound form 0.8722 is still in progress. Intraday bias stays on the upside for On the downside, break of 0.8825 minor support will suggest that the choppy corrective rebound is completed. And, intraday bias will be turned 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). On the downside, break of 0.8722 will extend the falling leg through 0.8620 support. On the upside, break of 0.9097 will target 0.9304 resistance instead.
