Mon, May 25, 2020 @ 10:47 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5912; (P) 1.5954; (R1) 1.5988; More

EUR/AUD’s rally resumes today by breaking 1.5994 temporary top. Intraday bias is back on the upside for 1.6122 resistance. As note before, we’d continue to favor the bullish case that correction from 1.6765 has completed with three waves down to 1.5683. Decisive break of 1.6122 will confirm this bullish view and target retesting 1.6765 high. For now, near term outlook will stay cautiously bullish as long as 1.5920 minor support holds, in case of retreat.

In the bigger picture, as long as 1.5346 support holds, outlook will still 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.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6902; (P) 1.7559; (R1) 1.8029; More

No change in EUR/AUD’s outlook. Outlook remains bullish as long as 1.6774 support holds. Current rally is part of larger up trend with next medium term target at 1.8619. Though, break of 1.6774 will indicate short term topping and bring lengthier consolidations first.

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. Current up trend should now target 100% projection of 1.1602 to 1.6597 from 1.3524 at 1.8619. In any case, outlook will remain bullish as long as 1.5906 support holds, in case of deep pull back.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.7788; (P) 1.7911; (R1) 1.8089; More

Outlook in EUR/AUD remains unchanged as correction from 1.9799 might extend. But downside should be contained by 61.8% retracement of 1.6085 to 1.9799 at 1.7504 to bring rebound. On the upside, break of 1.8747 minor resistance will turn bias to the upside for retesting 1.9799 high first.

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.

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EUR/AUD Mid-Day Outlook

Daily Pivots: (S1) 1.5769; (P) 1.5814; (R1) 1.5861; More….

EUR/AUD’s breach of 1.5887 resistance indicates resumption of rise from 1.5346. Intraday bias is back on the upside for 1.5984 support turned resistance first. Break will pave the way to retest 1.6357 high next. On the downside, break of 1.5086 minor support will delay the bullish case and extend the consolidation from 1.5887 with another fall.

In the bigger picture, no change in the view that 1.6357 is a medium term top. But the strong rebound ahead of 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313) suggests price actions from 1.6357 are developing into sideway consolidation, rather than a deep correction. The range of 1.5271/6357 is likely set for the consolidation. And we don’t expect a break of the range any time soon. But decisive break of 1.6357 will resume the larger up trend from 1.3624 (2017 low) to 1.6587 (2015 high).

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4788; (P) 1.4834; (R1) 1.4874; More

Intraday bias in EUR/AUD remains neutral for the moment. Consolidation pattern from 1.5226 is possibly still in progress. Below 1.4732 will bring another fall. But we’d expect 1.4421 cluster support (50% retracement of 1.3624 to 1.5226 at 1.4427) to hold and bring rebound. On the upside, above 1.5019 will target a test on 1.5226 high instead.

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 fall from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, break of 1.4421 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) 1.5624; (P) 1.5669; (R1) 1.5711; More….

Intraday bias in EUR/AUD remains neutral for the moment. On the upside, above 1.5725 will extend the rebound form 1.5578 to retest 1.5888 high. On the downside, though, below 1.5578 will resume the fall from 1.5888 to 61.8% retracement of 1.5271 to 1.5888 at 1.5507.

In the bigger picture, the rebound from 1.5271 was somewhat weaker than expected. EUR/AUD also failed to sustain above 55 day EMA and hints on some underlying bearishness. Though, for now, as long as 1.5271 support holds, medium term rise from 1.3624 (2017 low) is still mildly in favor to extend through 1.6189 high, to 1.6587 key resistance (2015 high). Nevertheless, firm break of 1.5271 will complete a head and shoulder top pattern (ls: 1.5770, h: 1.6189, rs: 1.5888). That would indicate medium term reversal and turn outlook bearish.

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EUR/AUD Weekly Outlook

EUR/AUD defended 1.6597 key support again last week and recovered. Though, upside is limited well below 1.7194 resistance. Initial bias remains neutral this week first. On the upside, break of 1.7194 resistance should confirm short term bottoming. Stronger rise should then be seen to 38.2% retracement of 1.9799 to 1.6538 at 1.7784 next. On the downside, however, break of 1.6538 will indicate resumption of fall from 1.9799. More importantly, sustained trading below 1.6597 key support will carry larger bearish implication and target 1.5962 support next.

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 1.6544). 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.

In the longer term picture, the rise from 1.1602 long term bottom (2012 low) is still in progress, with 2.1127 (2008 high) as next target. However, sustained break of 1.6597 (2015 high) cluster support, with 38.2% retracement of 1.1602 to 1.9799 at 1.6668, will argue that such rally is completed. Outlook will then be turned bearish for 61.8% retracement at 1.4733.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6266; (P) 1.6286; (R1) 1.6312; More

Intraday bias in EUR/AUD remains neutral at this point. With 1.6203 minor support intact, further rise is still expected. On the upside, above 1.6432 will target 1.6680/6786 resistance zone next. On the downside, however, break of 1.6203 support will turn bias back to the downside for 1.6074 support and then 1.5905.

In the bigger picture, as long as 1.5894 support holds, 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 1.6047) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6114; (P) 1.6147; (R1) 1.6187; More

EUR/AUD’s consolidation pattern from 1.6294 is still unfolding and intraday bias remains neutral. In case of deeper pull back, downside should be contained above 1.5962 support to bring rebound. On the upside, break of 1.6314 will re-affirm medium term bullishness and target 1.6432 next.

In the bigger picture, as long as 1.5894 support holds, 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 1.6082) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 124.49; (P) 124.79; (R1) 125.25; More….

EUR/JPY is staying in consolidation above 124.09 temporary low and intraday bias remains neutral first. Current development suggests corrective pattern from 127.50 is extending with fall from 126.79 as the third leg. Upside of recovery from 124.09 should be limited by 125.28 resistance to bring another fall. On the downside, below 124.09 will target 123.65 support. Nevertheless, break of 125.28 will turn bias back to the upside for 126.79 resistance.

In the bigger picture, there is no confirmation of completion of the down trend from 137.49 (2018 high) yet. In case of an extension, break of 118.62 will target 109.03/114.84 long term support zone. However, break of 127.50 will solidify the case of medium term bullish reversal. Further decisive break medium term channel resistance will affirm reversal and target 133.12 key resistance and above.

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EUR/AUD Weekly Outlook

EUR/AUD’s correction from 1.9799 continued last week and outlook is unchanged. Deeper fall cannot be ruled out this week. But downside should be contained by 61.8% retracement of 1.6085 to 1.9799 at 1.7504 to bring rebound. On the upside, break of 1.8571 minor resistance will turn bias to the upside for retesting 1.9799 high first.

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.

In the longer term picture, the rise from 1.1602 long term bottom (2012 low) is still in progress next target would be the resistance zone between 2.1127 (2008 high) and 161.8% projection of 1.1602 to 1.6597 from 1.3524 at 2.1706.

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EUR/AUD Mid-Day Outlook

Daily Pivots: (S1) 1.5813; (P) 1.5852; (R1) 1.5879; More….

EUR/AUD’s sharp decline and break of 1.5774 indicates resumption of fall from 1.6139. Intraday bias is back on the downside towards 1.5621 support. For now, price actions from 1.6189 are viewed as a corrective pattern. So strong support would be seen above 1.5621 to bring rebound. But break of 1.5887 resistance is needed to indicate near term reversal first. Otherwise, deeper fall is expected even in case of recovery. Meanwhile, decisive break of 1.5621 will carry larger bearish implications.

In the bigger picture, while there is bearish divergence condition in daily MACD, there is no clear sign of reversal yet. Current rally from 1.3624 could extend to 1.6587 key resistance (2015 high). Nonetheless, we’d expect further loss of upside momentum, and strong resistance from 1.6587 to limit upside and bring reversal. On the downside, sustained break of 1.5621 support should confirm reversal and turn outlook bearish for 1.5153 support and below.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6155; (P) 1.6195; (R1) 1.6224; More

Intraday bias in EUR/AUD remains on the downside at this point. Corrective recovery from 1.5905 should have completed at 1.6432 already. Further fall should be seen to retest 1.5984/5905 key support zone. Decisive break there will carry larger bearish implication. On the upside, however, break of 1.6310 minor resistance will turn bias back to the upside for 1.6432 resistance again.

In the bigger picture, as long as 1.5894 support holds, 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 1.6058) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6243; (P) 1.6271; (R1) 1.6318; More

EUR/AUD’s rebound from 1.5905 is still in progress. Firm break of 1.6308 support turned resistance should confirm completion of whole fall from 1.6789 and target this resistance again. On the downside, break of 1.6128 minor support will turn bias back to the downside for retesting 1.5894 key support instead.

In the bigger picture, as long as 1.5894 support holds, 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 1.6008) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5356; (P) 1.5425; (R1) 1.5516; More….

Break of 1.5446 resistance revives that case that pull back from 1.5770 is already completed at 1.5153. Intraday bias is turned back to the upside for retesting 1.5770. Break will resume whole medium term rise from 1.3624. This will remain the favored case as long as 1.5259 minor support holds.

In the bigger picture, price actions from 1.5770 so far suggests that it’s corrective in nature. That is, medium term rise from 1.3624 is not completed yet. Break of 1.5770 will extend the rise to retest 1.6587 (2015 high). However, considering bearish divergence condition in daily MACD, sustained break of 1.4949 cluster support (38.2% retracement of 1.3624 to 1.5770 at 1.4950) will indicate medium term reversal. And there is prospect of retesting 1.3624 low in that bearish case.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5626; (P) 1.5725; (R1) 1.5776; More….

Intraday bias in EUR/AUD remains on the downside for 1.5626 support. Break of 1.5626 will extend the decline from 1.5976 to 61.8% retracement of 1.5153 to 1.5976 at 1.5467 and below. On the upside above 1.5787 minor resistance will turn intraday bias neutral first. But risk will for now stay on the downside as long as 1.5976 resistance holds.

In the bigger picture, change of medium term reversal is increasing with EUR/AUD just missing double projection target. They are 61.8% projection of 1.4421 to 1.5770 from 1.5153 at 1.5987, and 100% projection of 1.3624 to 1.5226 from 1.4421at 1.6023. Also, bearish divergence condition remains in daily MACD. Break of 1.5626 support will add to this bearish case and target 1.5153 key support for confirmation. Nonetheless, before that happens, as long as 1.5153 support holds, medium term rise from 1.3624 could still extend to retest 1.6587 high.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.7100; (P) 1.7207; (R1) 1.7371; More

Intraday bias in EUR/AUD remains neutral for some consolidation above 1.7003 temporary low. As long as 1.8124 resistance holds, further decline could still be seen. Break of 1.7003 will extend the fall from 1.9799 to 1.6085/6593 support zone. On the upside, though, break of 1.8124 resistance will argue that such decline has completed and turn bias back to the upside.

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.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6184; (P) 1.6236; (R1) 1.6271; More

EUR/AUD was rejected by 1.6323 resistance and dropped sharply. But it’s staying above 1.6063 support and intraday bias remains neutral first. On the upside, break of 1.6323 resistance will resume the rise from 1.5976 to 1.6432 resistance. On the downside, below 1.6063 will target 1.5976 support first.

In the bigger picture, as long as 1.5894 support holds, 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 1.6084) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6063; (P) 1.6119; (R1) 1.6160; More….

A temporary top is formed at 1.6171 in EUR/AUD, just ahead of 1.6189 resistance and intraday bias is turned neutral first. Some consolidations could be seen. But retreat should be contained by 1.5886 resistance turned support to bring another rally. On the upside, firm break of 100% projection of 1.5271 to 1.5886 from 1.5601 at 1.6216 will extend the larger up trend to 161.8% projection at 1.6596, which is close to another key resistance level at 1.6587.

In the bigger picture, EUR/AUD drew strong support from 55 week EMA and rebounded. And the development argues that medium term rally from 1.3624 (2017 low) is still in progress. Firm break of 1.6189 will target a test on 1.6587 (2015 high). On the downside, break of 1.5601 support will now be the first sign of medium term reversal, and will bring a test on 1.5271 key support for confirmation.

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EUR/AUD Mid-Day Outlook

Daily Pivots: (S1) 1.6266; (P) 1.6311; (R1) 1.6341; More….

EUR/AUD’s break of 1.6223 minor support suggests that a short term top is formed a 1.6353, on bearish divergence condition in 4 hour MACD. Intraday bias is mildly on the downside for deeper retreat to 38.2% retracement of 1.5601 to 1.6353 at 1.6066. But downside should be contained well above 1.5886 cluster support (61.8% retracement at 1.5888) to bring rise resumption. On the upside, break of 1.6353 will resume larger up trend to 1.6587 key resistance level.

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.

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