Tue, Dec 06, 2022 @ 23:21 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5826; (P) 1.5871; (R1) 1.5935; More….

EUR/AUD formed a temporary low at 1.5805 and recovered. Intraday bias is turned neutral for some consolidation first. Further decline is expected as long as 1.6154 resistance holds. Break of 1.5805 will extend the fall from 1.6765 to 1.5346 key support next.

In the bigger picture, the failure to sustain above 1.6587 key resistance (2015 high), argues that up trend from 1.1602 (2012 low), is not ready to resume yet. But still, as long as 1.5346 support holds, outlook will remain bullish. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.

EUR/AUD Weekly Outlook

EUR/AUD’s rise extend last week and reached as high as 1.6288. The break of 1.6189 confirmed resumption of the up trend from 1.3624. Initial bias remains on the upside this week. Current rally would target 161.8% projection of 1.5271 to 1.5886 from 1.5601 at 1.6596, which is close to another key resistance level at 1.6587. On the downside, below 1.6121 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.

In the bigger picture, up trend from 1.3624 (2017 low) has just resumed. 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 1.5601 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.

In the longer term picture, the rise from 1.1602 long term bottom (2012 low) isn’t over yet. We’ll keep monitoring the development but there is prospect of extending the rise to 61.8% retracement of 2.1127 to 1.1602 at 1.7488 and above. However, sustained trading below 1.3624 key support should indicate long term reversal and target 1.1602 long term bottom again.

EUR/AUD Weekly Outlook

EUR/AUD rose sharply last week but failed to break through 1.6586 key resistance decisively. Initial bias remains neutral first with focus on 1.6586. Sustained break there will suggest that it’s at least in correction to the fall from 1.9799 to 1.6033. Further rise should then be seen to 38.2% retracement of 1.9799 to 1.6033 at 1.7472. However, rejection by 1.6586 will maintain near term bearishness for another fall through 1.6033 later.

In the bigger picture, whole up trend from 1.1602 (2012 low) might have completed at 1.9799. Deeper fall might be seen to 55 month EMA (now at 1.5803). Sustained break there will pave the way to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. However, strong support from 55 week EMA (now at 1.6458) would neutralize the long term bearishness and argues that price actions from 1.9799 are developing into a sideway range pattern instead.

In the longer term picture rise from 1.1602 (2012 low) could have already completed with three waves up to 1.9799. The development suggests that long term range trading is extending with another medium term down leg. Sustained trading below 55 month EMA (now at 1.5803) will further affirm this case and target 1.1602/3624 support zone.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5480; (P) 1.5570; (R1) 1.5622; More….

EUR/AUD’s correction from 1.5770 is still extending and deeper fall could be seen. But downside should be contained above 1.5226 key support to bring rally resumption. On the upside, break of 1.5770 will resume the medium term rise and target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first.

In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top (2015 high) has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. We’ll hold on to this bullish view as long as 1.5226 resistance turned support holds. Firm break of 1.6587 will resume long term rise from 1.1602 (2012 low).

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5603; (P) 1.5649; (R1) 1.5683; More….

EUR/AUD’s decline continues today and reaches as low as 1.5581 so far. Break of 1.5601 support further affirms the case of medium term bearish reversal. Intraday bias remains on the downside for 1.5271/5313 cluster support zone next. On the upside, above 1.5666 minor resistance will turn intraday bias neutral and bring consolidations, 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). This is supported by bearish divergence condition in weekly MACD. 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 1.5984 support turned resistance is now needed to revive the prior medium term up trend. Otherwise, further decline will be in favor even in case of interim rebound.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6160; (P) 1.6226; (R1) 1.6323; More….

Intraday bias in EUR/AUD remains on the upside at this point. Current rally should target 161.8% projection of 1.5271 to 1.5886 from 1.5601 at 1.6596, which is close to another key resistance level at 1.6587. On the downside, below 1.6121 minor support will turn intraday bias neutral and bring consolidation first, before staging another rise.

In the bigger picture, up trend from 1.3624 (2017 low) has just resumed. 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 1.5601 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6264; (P) 1.6328; (R1) 1.6399; More

EUR/AUD rises to as high as 1.6484 so far today. Break of 1.6448 resistance indicates resumption of whole rise form 1.5683. Intraday bias stays on the upside for 1.6765 key resistance next. On the downside, below 1.6320 minor support will turn intraday bias neutral first. Downside of retreat should be contained by 1.6247 resistance turned support to bring rise resumption.

In the bigger picture, as long as 1.5346 support holds, medium term outlook will still remain bullish. Up trend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal and turn outlook bearish.

EUR/AUD Weekly Outlook

EUR/AUD edged higher to 1.7126 last week but turned into consolidation. Initial bias remains neutral this week first. Another retreat cannot be ruled out. But downside should be contained above 1.6593 resistance turned support to bring rally resumption. On the upside, break of 1.7126 will target 200% projection of 1.5962 to 1.6593 from 1.6085 at 1.7347 next.

In the bigger picture, up trend from 1.1602 (2012 low) has just resumed and persistent strong support from 55 week EMA affirms medium term bullishness. 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 is next target. For now, outlook will remain bullish as long as 1.5906 support holds, in case of deep pull back.

In the longer term picture, the rise from 1.1602 long term bottom (2012 low) is still in progress for 61.8% retracement of 2.1127 to 1.1602 at 1.7488. This will remain the favored case as long as 1.5962 remains intact. Break of 1.7488 will target 100% projection of 1.1602 to 1.6597 from 1.3524 at 1.8619.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5933; (P) 1.5996; (R1) 1.6035; More….

Intraday bias in EUR/AUD remains neutral for the moment. At this point, we’re favoring the case that decline from 1.6765 has completed at 1.5721 already, on bullish convergence condition in 4 hour MACD. Risk will stay on the upside s long as 1.5721 support holds. On the upside, break of 1.6060 should confirm this bullish view and target a test on 1.6765 high. On the downside, break of 1.5721 will extend the decline to 1.5346 support instead.

In the bigger picture, as long as 1.5346 support holds, outlook will remain bullish. Uptrend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6081; (P) 1.6121; (R1) 1.6189; More….

EUR/AUD’s rally is still in progress and intraday bias remains on the upside. Current rise should target 100% projection of 1.5130 to 1.5976 from 1.5621 at 1.6444 next. On the downside, below 1.6039 minor support will turn intraday bias neutral and bring consolidation first. But retreat should be contained well above 1.5621 support to bring rally resumption.

In the bigger picture, current development suggests that rise from 1.3624 is not completed yet. And it’s still in progress for 1.6587 key resistance level. We’d be cautious on strong resistance from there to limit upside, on bearish divergence condition in daily MACD. But for now, break of 1.5621 support is needed to be the first sign of medium term reversal. Otherwise, outlook will stays bullish even in case of deep pull back.

EUR/AUD Weekly Outlook

EUR/AUD’s fall from 1.5396 resumed last week and hit as low as 1.4391. Initial bias stays on the downside this week for 1.4318 support. Firm break there will resume larger down trend to medium term projection level at 1.3623. On the upside, break of 1.4804 resistance is needed to indicate short term bottoming. Otherwise, risk will stay on the downside in case of recovery.

In the bigger picture, down trend from 1.9799 is still in progress. Break of 1.4318 low will target 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). This will remain the favored case now as long as 1.5396 resistance holds.

In the longer term picture, fall from 1.9799 (2020 high) is seen as the third leg of the pattern from 2.1127 (2008 high). Deeper fall should be seen to 1.3624 support. Decisive break there would pave the way back to 1.1602 (2012 low). This will remain the favored case as long as 55 month EMA (now at 1.5656) holds.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6604; (P) 1.6688; (R1) 1.6742; More

Intraday bias in in EUR/AUD remains neutral for the moment as range trading continues. On the downside, sustained trading below 1.6597 will carry larger bearish implication and target 1.6085 support next. On the upside, firm break of 1.6892 resistance should confirm short term bottoming, and more importantly, successful defending of 1.6597 key support. Intraday bias will be turned back to the upside for retesting 1.7194 resistance first.

In the bigger picture, focus stays on 1.6597 key cluster support, (2015 high and 38.2% retracement of 1.1602 to 1.9799 at 1.6668, 55 week EMA (now at 1.6553). Strong rebound from current level will retain medium term bullishness. Larger up trend from 1.1602 (2012 low) would extend through 1.9799 high. However, sustained break of 1.6597 will suggest bearish reversal and target 61.8% retracement at 1.4733.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5373; (P) 1.5424; (R1) 1.5467; More

Intraday bias in EUR/AUD remains neutral as consolidation from 1.5704 is extending. In case of deeper retreat, downside should be contained by 55 day EMA (now at 1.5244) to bring rebound. On the upside, break of 1.5704 will resume larger rise from 1.4281. However, sustained trading below 55 day EMA will bring deeper correction towards 1.4965 resistance turned support.

In the bigger picture, a medium term bottom should be in place at 1.4281, on bullish convergence condition in daily MACD. Further rise would be seen back to 1.6434 key resistance next. Break of 1.4965 resistance turned support is needed to indicate reversal. Otherwise, further rally will remain in favor.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6143; (P) 1.6196; (R1) 1.6229; More

EUR/AUD is staying in consolidation from 1.6262 and intraday bias remains neutral first. In case of deeper pull back, downside should be contained by 38.2% retracement of 1.5683 to 1.6262 at 1.6041 to bring rise resumption. Current development argues that correction from 1.6765 has completed with three waves down to 1.5683. On the upside, break of 1.6262 will pave the way to retest 1.6765 high.

In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Up trend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.7298; (P) 1.7528; (R1) 1.7648; More

EUR/AUD’s decline from 1.9799 extended further and breached 61.8% retracement of 1.6085 to 1.9799 at 1.7504. There is no clear sign of bottoming yet. Sustained trading below 1.7504 will raise the chance of larger reversal and pave the way to 1.6085/6593 support zone. Nevertheless, break of 1.8124 resistance will suggest that the pull back has completed. Intraday bias will be turned back to the upside for retesting 1.9799 high.

In the bigger picture, up trend from 1.1602 (2012 low) is in progress and further rally would be seen to 2.1127 (2008 high) and possibly to 161.8% projection of 1.1602 to 1.6597 from 1.3524 at 2.1706. On the downside, for now, touching of 1.6597 resistance turned support (2015 high) is needed to indicate medium term reversal. Otherwise, outlook will stay bullish even in case of deep pull back.

EUR/AUD Weekly Outlook

EUR/AUD continued to stay in sideway trading inside 1.6033/6772 last week. Outlook is unchanged and initial bias remains neutral this week first. Also, further decline is in favor with 1.6772 resistance intact. On the downside, firm break of 1.6033 will resume the decline from 1.9799 for next support level at 1.5346. On the upside, however, break of 1.6772 resistance will confirm short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, whole up trend from 1.1602 (2012 low) might have completed at 1.9799. Deeper fall could be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. This will remain the preferred case now as long as 1.7194 resistance holds.

In the longer term picture rise from 1.1602 (2012 low) could have already completed with three waves up to 1.9799. The development suggests that long term range trading is extending with another medium term down leg. Sustained trading below 55 month EMA (now at 1.5785) will further affirm this case and target 1.1602/3624 support zone.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5973; (P) 1.6014; (R1) 1.6085; More….

Intraday bias in EUR/AUD remains on the upside for further rally. Current should target 61.8% projection of 1.5130 to 1.5976 from 1.5621 at 1.6130 first. Break there will target 100% projection at 1.6444 next. On the downside, break of 1.5857 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, current development suggests that rise from 1.3624 is not completed yet. And it’s still in progress for 1.6587 key resistance level. We’d be cautious on strong resistance from there to limit upside, on bearish divergence condition in daily MACD. But for now, break of 1.5621 support is needed to be the first sign of medium term reversal. Otherwise, outlook will stays bullish even in case of deep pull back.

EUR/AUD Weekly Outlook

After some consolidations, EUR/AUD’s rally extended to as high as 1.6054 last week and closed strongly. Initial bias is back on the upside this week. Current rise would target 61.8% projection of 1.5130 to 1.5976 from 1.5621 at 1.6130 first. Break there will target 100% projection at 1.6444 next. On the downside, break of 1.5857 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, current development suggests that rise from 1.3624 is not completed yet. And it’s still in progress for 1.6587 key resistance level. We’d be cautious on strong resistance from there to limit upside, on bearish divergence condition in daily MACD. But for now, break of 1.5621 support is needed to be the first sign of medium term reversal. Otherwise, outlook will stays bullish even in case of deep pull back.

In the longer term picture, the rise from 1.1602 long term bottom (2012 low) isn’t over yet. We’ll keep monitoring the development but there is prospect of extending the rise to 61.8% retracement of 2.1127 to 1.1602 at 1.7488 and above. However, sustained trading below 1.3671 should indicate long term reversal and target 1.1602 long term bottom again.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6008; (P) 1.6100; (R1) 1.6149; More….

A temporary top is in place at 1.6189 in EUR/AUD. Intraday bias is turned neutral for consolidation. But another rise will be expected as long as 1.5857 support holds. Above 1.6189 will resume recent rise from 1.5153 to 100% projection of 1.5153 to 1.5976 from 1.5621 at 1.6444 next. However, break of 1.5857 will be an early sign of trend reversal and turn bias to the downside for 1.5621 support to confirm.

In the bigger picture, current development suggests that rise from 1.3624 is not completed yet. And it’s still in progress for 1.6587 key resistance level. We’d be cautious on strong resistance from there to limit upside, on bearish divergence condition in daily MACD. But for now, break of 1.5621 support is needed to be the first sign of medium term reversal. Otherwise, outlook will stays bullish even in case of deep pull back.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6216; (P) 1.6265; (R1) 1.6327; More

No change in EUR/AUD’s outlook as consolidation from 1.6033 is still extending. Intraday bias remains neutral for the moment. Outlook stays bearish as long as 1.6585 resistance holds. On the downside, break of 1.6033 will resume the whole fall from 1.9799, towards long term EMA at 1.5792. Nevertheless, on the upside, break of 1.6585 resistance should confirm short term bottoming and turn bias to the upside for stronger rebound.

In the bigger picture, whole up trend from 1.1602 (2012 low) might have completed at 1.9799. Deeper fall could be seen to 55 month EMA (now at 1.5792). Sustained break there will pave the way to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. This will remain the preferred case now as long as 1.6586 resistance holds.