Tue, Oct 15, 2019 @ 23:36 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5067; (P) 1.5118; (R1) 1.5149; More….

No change in EUR/AUD’s outlook as consolidation from 1.5392 extends. With 1.4949 support intact, outlook remains bullish and further rally is expected. On the upside, break of 1.5392 will resume medium term rise from 1.3624 and target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first. However, decisive break of 1.4949 will carry larger bearish implication and turn bias to the downside.

In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. However, break of 1.4949 support will dampen our view and argue that rise from 1.3624 has completed. In that case, EUR/AUD would turn southward for retesting 1.3624 low.

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EUR/AUD Weekly Outlook

EUR/AUD’s pull back from 1.5226 extended lower last week and broke 38.2% retracement of 1.3980 to 1.5226 at 1.4750. It’s pressing 1.4669 support. At this point, we’re expecting strong support around 1.4669, near term 55 days EMA at 1.4685, to contain downside and bring rebound. Break of 1.4897 minor resistance will turn bias back to the upside for retesting 1.5226 high first. However, sustained break of 1.4669 will argue that rise from 1.3642 is completed and bring deeper pull back to 1.4309 resistance turned support.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction should be completed at 1.3624 after defending 1.3671 key support. Rise from 1.3642 would extend to 61.8% retracement of 1.6587 to 1.3624 at 1.5455. Sustained break there will pave the way to retest 1.6587. However, sustained break of 1.4669 support will dampen this bullish view. We’ll assess the outlook later after looking at the structure and depth of the pull back.

In the longer term picture, the rise from 1.1602 long term bottom 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 confirm trend reversal and target 1.1602 long term bottom again.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5435; (P) 1.5513; (R1) 1.5567; More….

EUR/AUD is staying in consolidation from 1.5656 and intraday bias remains neutral. Downside of retreat should be contained by 4 hour 55 EMA (now at 1.5432) and bring rise resumption. Above 1.5656 will extend the rally from 1.3624 and target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first. Nonetheless, sustained break of 4 hour 55 EMA will bring deeper fall back towards 1.5079 support instead.

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).

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5458; (P) 1.5489; (R1) 1.5537; More….

Intraday bias in EUR/AUD remains neutral for the moment. Corrective rise from 1.5271 could still extend. But upside should be limited below 1.5773 support turned resistance and bring fall resumption. On the downside, break of 1.5271 will extend the fall from 1.6189 to 1.5153 next.

In the bigger picture, rally from 1.3624 (2017 low) should have completed at 1.6189 already, ahead of 1.6587 key resistance (2015 high). 1.6189 is seen as a medium term top. Deeper fall would be seen to 38.2% retracement of 1.3624 to 1.6189 at 1.5209 first. Decisive break there will pave the way to 61.8% retracement at 1.4604. In that case, we’ll look for bottoming again below 1.4604. On the upside, firm break of 1.5773 support turned resistance is needed to indicate completion of the fall from 1.6189. Otherwise, further decline is expected in medium term, even in case of strong rebound.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5543; (P) 1.5616; (R1) 1.5663; More….

Near term outlook in EUR/AUD will remain bullish as long as 1.5458 support holds. Medium term rise from 1.3624 should target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first. Break will target 100% projection at 1.6551, which is close to 1.6587 key resistance. However, firm break of 1.5458 will now indicate near term topping and should bring pull back towards 55 day EMA (now at 1.5232).

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).

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EUR/AUD Weekly Outlook

EUR/AUD edged higher to 1.4183 last week but quickly pulled back. Downside of retreat was contained by 1.3874 minor support so far and outlook is unchanged. We’d still slightly favoring the case of trend reversal after defending key support level at 1.3671, on bullish convergence condition in daily MACD.

Initial bias stays neutral this week first. On the upside, above 1.4183 will turn bias to the upside for 1.4289 resistance next. Break will affirm our view and target next key resistance level at 1.4721. However, break of 1.3874 minor support will invalidate our view and turn bias back to the downside for retesting 1.3624 low.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. We’d expect strong support from 1.3671 key level to contain downside and bring rebound. Up trend from 1.1602 should not be finished and will resume later. Break of 1.4721 resistance will indicate completion of such correction and turn outlook bullish for retesting 1.6587 high. However, sustained break of 1.3671 will invalidate our bullish view and would turn focus back to 1.1602 long term bottom.

In the longer term picture, the rise from 1.1602 long term bottom 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, sustrained trading below 1.3671 should confirm trend reversal and target 1.1602 long term bottom again.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4653; (P) 1.4701; (R1) 1.4754; More

Intraday bias in EUR/AUD remains neutral for the moment. At this point, we’re still favoring the case that correction from 1.5226 has completed with three waves down to 1.4421 already. Hence, another rally is expected. Break of 1.4777 will turn bias to the upside for 1.5073 resistance first. Break there will indicate resumption of whole rise from 1.3624. However, break of 1.4221 will invalidate our view and extend the decline from 1.5226 to 61.8% retracement of 1.3624 to 1.5226 at 1.4236.

In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. Rise from 1.3624 is expected to resume to retest 1.6587. The corrective structure of the fall from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, another decline will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4434; (P) 1.4515; (R1) 1.4562; More

Intraday bias in EUR/AUD remains neutral for consolidation below 1.4649 temporary top. We’re holding on to the view of trend reversal after defending 1.3671 key support. Hence, downside of retreat should be contained by 1.4334 resistance turned support and bring another rally. Above 1.4649 will target 1.4721 key resistance. Decisive break of 1.4721 will confirm our bullish view. However, break of 1.4334 will suggest rejection from 1.4721 and turn bias back to the downside for 1.3980 support instead.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction could be completed after defending 1.3671 key support. Break of 1.4721 cluster resistance (38.2% retracement of 1.6587 to 1.3624 at 1.4756) should confirm this case and target 61.8% retracement at 1.5455 and above. Overall, we’d expect the up trend from 1.1602 to resume later. However, sustained break of 1.3671 will invalidate our bullish view and would turn extend the fall from 1.6587 towards 1.1602 long term bottom.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.3773; (P) 1.3833; (R1) 1.3935; More

The break of 1.3900 resistance suggests that a short term bottom is in place at 1.3642 on bullish convergence condition in 4 hour MACD. Also, this is taken as an early sign of trend reversal as EUR/AUD defended 1.3671 key support level. Intraday bias is turned back to the upside for 1.4289 resistance next.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. We’d expect strong support from 1.3671 key level to contain downside and bring rebound. Up trend from 1.1602 should not be finished and will resume later. Break of 1.4721 resistance will indicate completion of such correction and turn outlook bullish for retesting 1.6587 high. However, sustained break of 1.3671 will invalidate our bullish view and would turn focus back to 1.1602 long term bottom.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4148; (P) 1.4185; (R1) 1.4227; More

Intraday bias in EUR/AUD remains neutral for the moment. Near term outlook stays bearish as the corrective decline from 1.6587 is still in progress. Below 1.4025 will target 1.3671 key support level. We’d expect downside to be contained there to bring reversal. Meanwhile, above 1.4251 minor resistance will turn focus back to 1.4271 resistance.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a consolidative pattern. 50% retracement of 1.1602 to 1.6587 at 1.4095 was already met. While further fall cannot be ruled out, we’d expect strong support above 1.3671 to contain downside and bring rebound. Up trend from 1.1602 should not be finished and will resume later. Break of 1.4721 resistance will be the first sign of resumption of up trend from 1.1602 and target retesting of 1.6587 high first.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4325; (P) 1.4440; (R1) 1.4523; More

EUR/AUD is staying in range of 1.4072/4880 and intraday bias remains neutral. On the downside, break of 1.4072 will extend the correction from 1.6587 towards next key support level 1.3671. Meanwhile, decisive break of 1.4880 resistance will indicate that such correction from 1.6587 is completed and turn near term outlook bullish for 1.5094 resistance next.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a consolidative pattern. 50% retracement of 1.1602 to 1.6587 at 1.4095 was already met. While further fall cannot be ruled out, we’d expect strong support above 1.3671 to contain downside and bring rebound. Up trend from 1.1602 should not be finished and will resume later. Break of 1.5094 will be the first sign of resumption of up trend from 1.1602 and target retesting 1.6587 resistance first.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4948; (P) 1.4992; (R1) 1.5057; More

Intraday bias in EUR/AUD remains neutral as it’s bounded in consolidative trading below 1.5073. As long as 1.4796 minor support holds, further rise remains mildly in favor. Above 1.5073 will target 1.5226 resistance first. Break there will confirm resumption of whole rally from 1.3624. In such case, EUR/AUD would target 1.5455 fibonacci level next. However, break of 1.4796 will turn bias back to the downside for 1.4625 support instead.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction should be completed at 1.3624 after defending 1.3671 key support. Rise from 1.3642 would extend to 61.8% retracement of 1.6587 to 1.3624 at 1.5455. Sustained break there will pave the way to retest 1.6587. However, sustained break of 1.4625 support will dampen this bullish view. In that case, we’ll assess the outlook later after looking at the structure and depth of the pull back.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4809; (P) 1.4919; (R1) 1.5016; More

Intraday bias in EUR/AUD remains on the downside for the moment. The correction from 1.5226 short term top could extend to 38.2% retracement of 1.3980 to 1.5226 at 1.4750. At this point, we’d expect strong support from 1.4669 to contain downside and bring rebound. Larger rise from 1.3642 is expected to resume later after the pull back completes.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction should be completed at 1.3624 after defending 1.3671 key support. Rise from 1.3642 is now expected to target 61.8% retracement of 1.6587 to 1.3624 at 1.5455. Sustained break there will pave the way to retest 1.6587. In any case, outlook will now stay cautiously bullish as long as 1.4669 support holds.

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EUR/AUD Weekly Outlook

EUR/AUD dropped sharply to as low as 1.6093 last week. The development indicates that rise from 1.5894 has completed at 1.6786 after failing to sustain above 1.6765 resistance. Initial bias remains on the downside this week for 1.5894 support first. At this point, we’d expect strong support from there to bring rebound. But sustained break will carry larger bearish implications and target 1.5683 support next. On the upside, above 1.6247 minor resistance will turn intraday bias neutral first.

In the bigger picture, as long as 1.5894 outlook remains bullish. Firm break of 1.6786 will resume up trend from 1.1602 (2012 low). Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. However, sustained break of 1.5894 will have 55 week EMA (now at 1.6005) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.

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 1.5894 remains intact. However, firm break of 1.5894 will be an early sign of major topping and turn focus to 1.5346 key support for confirmation.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5611; (P) 1.5653; (R1) 1.5676; More….

EUR/AUD’s decline resumed after consolidation from 1.5575 entered rather quickly, dropping to as low as 1.5546 so far. Intraday bias is back on the downside. Current fall from 1.6357 should target 1.5271/5313 cluster support zone next. On the upside, though, break of 1.5693 resistance will now indicate short term bottoming. In that case, lengthier consolidation would be seen first before staging another decline.

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 strong interim rebound.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5919; (P) 1.5968; (R1) 1.6010; More….

EUR/AUD breached 1.6038 resistance but failed to sustain above yet. Intraday bias stays neutral first. On the upside, decisive break of 1.6038 will confirm completion of fall from 1.6765 at 1.5721. In such case, intraday bias will be turned back to the upside for retesting 1.6765. On the downside, break of 1.5721 will extend the decline to 1.5346 support instead.

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.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5896; (P) 1.5966; (R1) 1.6008; More

EUR/AUD’s fall resumed after brief consolidation and intraday bias is back on the downside. Current decline from 1.6448 is seen as the third leg of the consolidation pattern from 1.6765 high. Deeper fall should be seen to 1.5683 support and below. On the upside, above 1.6034 minor resistance will turn intraday bias neutral again first.

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 and turn outlook bearish.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4599; (P) 1.4675; (R1) 1.4723; More

Intraday bias in EUR/AUD remains on the downside for the moment. Break of 1.4625 support will extend the correction from 1.5226 to 100% projection of 1.5226 to 1.4625 from 1.4472 next. We’ll look for bottoming signal below 1.4472. On the upside, above 1.4705 minor resistance will turn bias neutral and bring consolidations. But deeper fall is still expected as long as 1.5073 resistance holds.

In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. But we will monitor the structure of the decline from 1.5226 to adjust our view. Above 1.5226 will target a test on 1.6587 key resistance. However, further downside acceleration will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.

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EUR/AUD Weekly Outlook

EUR/AUD spiked higher to 1.6765 last week but pulled back sharply from there. A short term top was formed and initial bias is now on the downside for pull back to 55 day EMA (now at 1.5919) and possibly below. On the upside, above 1.6205 minor resistance will argue that the pull back is completed and turn bias back to the upside for retesting 1.6765.

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.

In the longer term picture, the rise from 1.1602 long term bottom (2012 low) is still in progress. Break of 61.8% retracement of 2.1127 to 1.1602 at 1.7488 will pave the way to 100% projection of 1.1602 to 1.6587 from 1.3624 at 1.8069. And this will remain the favored case as long as 1.5346 remains intact.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4871; (P) 1.4967; (R1) 1.5145; More….

With break of 1.5031 resistance, intraday bias is turned to the upside for 1.5173/5226 resistance zone first. Break will resume medium term rally from 1.3624. On the downside, below 1.4791 will turn bias to the downside and extend the fall from 1.5173 to retest 1.4421 support.

In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. The corrective structure of the price actions from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, break of 1.4421 support will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.

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