EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.5957; (P) 1.5997; (R1) 1.6035;
EUR/AUD’s strong break of 1.5984 support is now taken as a early sign of trend reversal. Intraday bias is now on the downside for 1.5601 support next. On the upside, above 1.6035 minor resistance will turn intraday bias neutral and bring consolidation, before staging another fall.
In the bigger picture, current development argues that up trend from 1.3624 (2017 low) is possibly completed at 1.6357, ahead of 1.6587 (2015 high). Deeper decline is now in favor to 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313). Break will target 61.8% retracement at 1.4668. On the upside, break of 1.6357 is needed to confirm up trend resumption. Otherwise, risk will now stay on the downside even in case of strong rebound.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8826; (P) 0.8880; (R1) 0.8916;
Intraday bias in EUR/GBP remains on the downside at this point. As noted before, rebound from 0.8722 has possibly completed at 0.8939, just ahead of 61.8% retracement of 0.9097 to 0.8722 at 0.8954. Deeper decline would be seen for 0.8722 low first. On the upside, above 0.8864 minor resistance will turn intraday bias neutral first. But further fall is in favor as long as 0.8939 resistance holds.
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.
