EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.5748; (P) 1.5789; (R1) 1.5824;
EUR/AUD is staying in range of 1.5696/5886 and intraday bias remains neutral. Further rise is expected for the moment and break of 1.5886 will resume the rebound from 1.5271 and target a test on 1.6189 high. Nonetheless, the momentum and structure of such rise from 1.5271 are not too convincing. Break of 1.5696 will suggest near term reversal and turn bias to the downside for 1.5425 support for confirmation.
In the bigger picture, current development suggests that fall from 1.6189 is a corrective move and has completed at 1.5217 already. Key support levels of 1.5153 and 38.2% retracement of 1.3624 to 1.6189 at 1.5209 were defended. And medium term rise from 1.3624 (2017 low) is still in progress. Break of 1.6189 will target 1.6587 key resistance (2015 high).
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8852; (P) 0.8884; (R1) 0.8924;
The break of 0.8901 suggests that rise from 0.8620 has resumed again. Intraday bias is back on the upside for 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963). While upside momentum has been unconvincing, there is no sign of topping before a break of 0.8815. So, outlook remains cautiously bullish as long as 0.8815 holds, in case of retreat.
In the bigger picture, EUR/GBP is staying in long term consolidation pattern from 0.9304 (2016 high). Such consolidation pattern could extend further. Hence, in case of strong rally, we’d be cautious on strong resistance from 0.9304/5 to limit upside. Meanwhile, in another decline attempt, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.
