Daily Pivots: (S1) 1.5511; (P) 1.5561; (R1) 1.5588; More…

EUR/AUD is still extending the consolidation pattern from 1.5250 and intraday bias remains neutral first. In case of another rise, upside should be limited by 38.2% retracement of 1.6827 to 1.5250 at 1.5852. On the downside, break of 1.5234 will bring retest of 1.5250 low. Overall, down trend from 1.9799 is expected to resume after consolidation from 1.5250 completes.

In the bigger picture, price actions from 1.9799 are developing into a deep correction, to long term up trend from 1.1602 (2012 low). Deeper fall would be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. Medium term outlook will remain bearish as long as 1.6033 support turned resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.4934; (P) 1.4972; (R1) 1.5007; More…

Intraday bias in EUR/AUD remains on the upside for 1.5073 resistance. Outlook is unchanged that correction from 1.5226 should have completed with three waves down to 1.4421 already. Firm break of 1.5073 will likely resume the rise from 1.3624 and target 61.8% projection of 1.3624 to 1.5226 from 1.4421 at 1.5411 next. On the downside, however, break of 1.4824 support will dampen our bullish view and turn bias back to the downside for 1.4564 support 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, another decline will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.

Daily Pivots: (S1) 1.4922; (P) 1.5025; (R1) 1.5078; More….

Intraday bias in EUR/AUD remains on the downside for 1.4945 support. As noted before, consolidation pattern from 1.5226 is still unfolding with fall from 1.5241 as the third leg. Break of 1.4945 will affirm this case and send EUR/AUD through 1.4791 to 1.4421 support cluster support (50% retracement of 1.3624 to 1.5226 at 1.4425). We’d expect strong support from there to bring rebound.

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. The corrective structure of the price actions from 1.5226 is affirming this view. Sustained trading 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.

Daily Pivots: (S1) 1.5663; (P) 1.5699; (R1) 1.5737; More….

EUR/AUD is still bounded in the consolidation pattern from 1.5816. Intraday bias stays neutral. Also, near term outlook will remain cautiously bullish with 1.5606 support holds. On the upside, break of 1.5816 should now confirm resumption of medium term rise from 1.3264. In that case, EUR/AUD should target 1.6587 key long term resistance. Meanwhile, firm break of 1.5606 will argue that a short term top is formed. Intraday bias will be turned back to the downside for 55 day EMA (now at 1.5520) and below.

In the bigger picture, medium term rise from 1.3624 is not completed yet. Sustained break of 1.5770 will extend the rise to retest 1.6587 (2015 high). However, considering bearish divergence condition in daily MACD, 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.

Daily Pivots: (S1) 1.6085; (P) 1.6135; (R1) 1.6174; More…

Intraday bias in EUR/AUD is turned neutral with current retreat, and some consolidations could be seen. But near term outlook stays bullish as long as 1.5925 support holds. On the upside, break of 1.6182 will resume the rise from 1.5250 to 1.6827 resistance next.

In the bigger picture, a medium term bottom was formed at 1.5250, on bullish convergence condition in daily MACD. Rise from 1.5250 is currently seen as a correction to the down trend from 1.9799 first. Stronger rise would be seen to 38.2% retracement of 1.9799 to 1.5250 at 1.6988 next. We’d tentatively expect strong resistance from there to limit upside, at least on first attempt.

Daily Pivots: (S1) 1.4134; (P) 1.4179; (R1) 1.4213; More…

Intraday bias in EUR/AUD remains neutral at this point. Price action from 1.4025 are seen as a corrective pattern and thus maintain near term bearishness. Below 1.4025 will resume the larger fall from 1.6587 to key support level at 1.3671. We’d expect downside to be contained there to bring reversal. Meanwhile, above 1.4251 minor resistance will turn focus back to 1.4721 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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Daily Pivots: (S1) 1.5929; (P) 1.5963; (R1) 1.5996; More…

EUR/AUD is staying in consolidation from 1.5721 and intraday bias remains neutral. On the downside, break of 1.5721 low will resume the decline from 1.6765 and target 1.5346 support. On the upside, above 1.6122 will resume the corrective rise from 1.5721 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.

Daily Pivots: (S1) 1.5148; (P) 1.5190; (R1) 1.5252; More….

EUR/AUD is staying in consolidation below 1.5392 and intraday bias remains neutral at this point. Again, as long as 1.4949 support holds, outlook remains bullish. Medium term rally from 1.3624 is in favor to continue. 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.

Daily Pivots: (S1) 1.4709; (P) 1.4747; (R1) 1.4822; More…

EUR/AUD’s recovery argues that pull back from 1.5226 might be completed after drawing support from 38.2% retracement of 1.3624 to 1.5226 at 1.4614. Intraday bias is turned back to the upside for retesting 1.5226 high. However, sustained break of 1.4614 fibonacci level will pave the way to 61.8% retracement at 1.4236 and possibly below.

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.

Daily Pivots: (S1) 1.5781; (P) 1.5814; (R1) 1.5852; More…

Outlook in EUR/AUD remains unchanged and intraday bias stays neutral first. Another rise could be seen with 1.5614 support intact. On the upside, break of 1.5976 will resume the choppy rise from 1.5250 to 1.6033 key support turned resistance next. Sustained break there will argue that longer term trend has reversed, and target 1.6827 resistance for confirmation.

In the bigger picture, outlook stays bearish with 1.6033 support turned resistance intact for now. Fall from 1.9799, as a correction to to long term up trend from 1.1602 (2012 low) is still in favor to resume through 1.5250 later. However, However, firm break of 1.6033 will argue that such decline has completed. Stronger rebound would then be seen 38.2% retracement of 1.9799 to 1.5250 at 1.6988.

Daily Pivots: (S1) 1.6125; (P) 1.6192; (R1) 1.6233; More…

Intraday bias in EUR/AUD remains neutral as it’s bounded in range of 1.6148/6323. At this point, we’re slightly favoring the case that rebound from 1.5976 has completed at 1.6323 already. Thus, risk will stay on the downside as long as 1.6323 resistance holds. Break of 1.6148 will turn bias to the downside for 1.5976 support first. On the upside, break of 1.6323 will resume the rise from 1.5976 to 1.6432 resistance 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 1.6071) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.

Daily Pivots: (S1) 1.4812; (P) 1.4881; (R1) 1.4988; More…

Intraday bias in EUR/AUD remains on the upside for the moment. Outlook is unchanged that whole correction from 1.6587 has completed at 1.3624 already after defending 1.3671 key support level. Further rise should be seen to 1.5094 resistance first. Break there will target next medium term fibonacci level at 1.5455. On the downside, break of 1.4669 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction should be completed 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 and above. In any case, outlook will now stay cautiously bullish as long as 1.4309 resistance turned support holds.

Daily Pivots: (S1) 1.5437; (P) 1.5482; (R1) 1.5539; More…

Outlook in EUR/AUD remains unchanged as range trading continues. Intraday bias stays neutral for the moment. On the upside, break of 1.5606 will extend the corrective pattern from 1.5250 with another rise. Intraday bias will be turned to the upside for 1.5689 and then 38.2% retracement of 1.6827 to 1.5250 at 1.5852. On the downside, firm break of 1.5250 support will resume the larger down trend from 1.9799. Next target is 1.4733 long term fibonacci level.

In the bigger picture, price actions from 1.9799 are developing into a deep correction, to long term up trend from 1.1602 (2012 low). Deeper fall would be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. Medium term outlook will remain bearish as long as 1.6033 support turned resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.5588; (P) 1.5639; (R1) 1.5679; More…

Outlook in EUR/AUD is unchanged as it’s staying in consolidation from 1.5250. In case of stronger rise, upside should be limited by 38.2% retracement of 1.6827 to 1.5250 at 1.5852. Overall, down trend from 1.9799 is expected to resume after consolidation from 1.5250 completes.

In the bigger picture, price actions from 1.9799 are developing into a deep correction, to long term up trend from 1.1602 (2012 low). Deeper fall would be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. Medium term outlook will remain bearish as long as 1.6033 support turned resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.4726; (P) 1.4781; (R1) 1.4863; More…

EUR/AUD’s rise from 1.4421 continues today and reaches as high as 1.4883 so far. Intraday bias remains on the upside for 1.5073 resistance. As noted before, correction from 1.5226 should have completed with three waves down to 1.4421 already. Break of 1.5037 will resume the rise from 1.3624 and target 61.8% projection of 1.3624 to 1.5226 from 1.4421 at 1.5411 next. On the downside, below 1.4701 minor support will turn intraday bias neutral first. But outlook will stay cautiously bullish as long as 1.4564 support 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. 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.

Daily Pivots: (S1) 1.6491; (P) 1.6528; (R1) 1.6558; More…

Range trading continues in EUR/AUD and intraday bias remains neutral. On the downside, decisive break of 1.6450 support will argue that whole rebound from 1.6127 has completed with three waves up to 1.6742 already. Near term outlook will be turned bearish for 1.6127 again, to extend the whole corrective pattern from 1.7062. Nevertheless, strong rebound from current level, followed by break of 1.6606 minor resistance, will retain near term bullishness and bring retest of 1.6742.

In the bigger picture, fall from 1.7062 medium term top is seen as a correction to the up trend from 1.4281 (2022 low). Break of 1.6844 resistance will argue that this up trend is ready to resume through 1.7062 high. In case of another fall, strong support should be seen around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound.

Daily Pivots: (S1) 1.5060; (P) 1.5157; (R1) 1.5208; More….

Intraday bias in EUR/AUD remains neutral first. While the pull back from 1.5392 was steep, it’s holding well above 1.4949 support. Thus, medium term rally is still in favor to resume. 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.

Much volatility was seen in EUR/AUD last week. But it was bounded in range of 1.4791/5173, without making any progress. Initial bias is neutral this week first. On the upside, break of 1.5173/5226 resistance zone will finally resume larger rise from 1.3624. On the downside, break of 1.4791 support 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 top 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.

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.

Daily Pivots: (S1) 1.5426; (P) 1.5476; (R1) 1.5533; More….

The break of 1.5482 minor resistance suggests that correction from 1.5770 might be completed at 1.5321 already. Intraday bias is turned back to the upside for retesting 1.5770 first. Break will resume medium term up trend. On the downside, below 1.5418 minor support will extend the correction lower. But after all, outlook will resume bullish as long as 1.5226 resistance turned support holds.

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). However, sustained break of 1.5226 will indicate trend reversal and target 1.3624 again.

Daily Pivots: (S1) 1.5092; (P) 1.5158; (R1) 1.5200; More….

EUR/AUD’s correction from 1.5392 is still in progress and outlook is unchanged. As long as 1.4949 support holds, outlook remains bullish. Medium term rally from 1.3624 is in favor to continue. 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.