GBP/USD Daily Outlook
Daily Pivots: (S1) 1.3016; (P) 1.3060; (R1) 1.3109;
Intraday bias in GBP/USD remains neutral at this point. Price actions from 1.2661 are seen as a corrective move. In case of another rise, upside should be limited by 1.3316 key fibonacci level to bring down trend resumption eventually. On the downside, below 1.3011 will target 1.2921 support first. Break will target 1.2661/2784 support zone. However, sustained break of 1.3316 would pave the way to next fibonacci level at 1.3721.
In the bigger picture, whole medium term rebound from 1.1946 (2016 low) should have completed at 1.4376 already, after rejection from 55 month EMA. The structure and momentum of the fall from 1.4376 argues that it’s resuming long term down trend. And this will be the preferred case as long as 38.2% retracement of 1.4376 to 1.2661 at 1.3316 holds. However, firm break of 1.3316 would bring stronger rebound to 61.8% retracement at 1.3721. And, the eventual depth of the fall from 1.4376, and the chance of hitting 1.1946 low, will depend on the strength of the interim corrective rebound from 1.2661.
EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.6084; (P) 1.6136; (R1) 1.6224;
Intraday bias in EUR/AUD stays mildly on the upside at this point. Pull back from 1.6357 should have completed at 1.6048. Further rise would be seen to 1.6357 first. Decisive break there will resume larger up trend for 1.6587 key resistance next. On the downside, even in case of another fall, outlook will stay bullish as long as 1.5984 support holds.
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.
