EUR/USD Daily Outlook
Daily Pivots: (S1) 1.1356; (P) 1.1416; (R1) 1.1454;
Intraday bias in EUR/USD remains on the downside at the moment. Fall from 1.1814 has just resumed and should target 1.1300 low. Decisive break there will resume whole down trend from 1.2555. On the upside, above 1.1476 minor resistance will turn intraday bias neutral first. But outlook will remain cautiously bearish as long as 1.1621 resistance holds.
In the bigger picture, corrective pattern from 1.1300 could have completed at 1.1814 after hitting 38.2% retracement of 1.2555 to 1.1300 at 1.1779. Decisive break of 1.1300 will resume the down trend from 1.2555 to 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 will delay the bearish case and extend the correction from 1.1300 with another rise before completion.
AUD/USD Daily Outlook
Daily Pivots: (S1) 0.7044; (P) 0.7076; (R1) 0.7092;
Intraday bias in AUD/USD remains neutral first. Consolidation from 0.7040 might extends with another recovery. By upside should be limited by 0.7159 resistance to bring fall resumption eventually. On the downside, break of 0.7040 will resume recent down from 0.8135. Next target will be 61.8% projection of 0.7314 to 0.7040 from 0.7159 at 0.6990 and then 100% projection at 0.6885.
In the bigger picture, fall from 0.8135 is tentatively treated as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 will target 0.6008 key support next (2008 low). On the upside, break of 0.7314 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook stays bearish even in case of strong rebound.
