EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5638; (P) 1.5669; (R1) 1.5717; More….

EUR/AUD’s rebound from 1.5578 resumed by taking out 1.5701 minor resistance. The development argues that pull back from 1.5888 might be completed already. Intraday bias is turned back to the upside for retesting 1.5888 first. 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.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4641; (P) 1.4673; (R1) 1.4721; More

Further decline is mildly in favor in EUR/AUD as long as 1.4754 minor resistance holds. Break of 38.2% retracement of 1.3624 to 1.5226 at 1.4614 will pave the way to 61.8% retracement at 1.4236 and possibly below. Meanwhile, break of 1.4754 will indicate that the cross could have defended 1.4669 support. In that case, intraday bias will be turned back to the upside for retesting 1.5226 high.

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.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5955; (P) 1.6008; (R1) 1.6046; More

Intraday bias in EUR/AUD remains neutral as consolidation from 1.6128 is extending. Overall, near term outlook stays bullish as long as 1.5773 support holds. On the upside, break of 1.6128 will resume the rise from 1.5250, as a correction to fall from 1.9799, to 1.6827 resistance next.

In the bigger picture, current development argues that a medium term bottom is formed at 1.5250, on bullish convergence condition in daily MACD. Rise from 1.5250 is 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. This will remain the favored case for now, as long as 1.5614 support holds.

EUR/AUD Mid-Day Outlook

Daily Pivots: (S1) 1.7048; (P) 1.7171; (R1) 1.7240; More

EUR/AUD’s fall from 1.9799 resumed by taking out 1.7003 temporary low. Intraday bias is back on the downside for 1.6597 key support next. Sustained break there will carry larger bearish implications. on the upside, break of 1.7321 minor resistance will indicate short term bottoming and turn bias back to the upside for rebound.

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. However, sustained break 1.6597 will raise the chance of long term trend reversal and turn focus back to 1.3624 support.

EUR/AUD Weekly Outlook

EUR/AUD stayed in range of 1.5550/5898 last week and outlook is unchanged. Initial bias remains neutral this week first. On the downside, break of 1.5559 will resume the fall from 1.6168 to retest 1.5250/5354 support zone. On the upside, however, break of 1.5898 will argue that pull back form 1.6168 has completed. Intraday bias will be back to the upside for 1.6168 resistance.

In the bigger picture, rise from 1.5354 is seen as the third leg of the corrective pattern from 1.5250 low. Further rise cannot be ruled out, but even in that case, strong resistance should be seen at 38.2% retracement of 1.9799 to 1.5250 at 1.6988. Larger down trend from 1.9799 is in favor to extend through 1.5250 at a later stage.

In the longer term picture, fall from 1.9799 (2020 high) is seen as a long term down trend. Further decline will remain in favor as long as 38.2% retracement of 1.9799 to 1.5250 at 1.6988 holds. Break of 1.5250 will target 61.8 retracement of 1.1602 (2012 low) to 1.9799 at 1.4733

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4526; (P) 1.4583; (R1) 1.4617; More

EUR/AUD continues to lose upside moment, as seen in 4 hour MACD, ahead of 1.4721 key resistance. At this point, further rise is still expected as long as 1.4334 support holds. We’re holding on to the case of trend reversal after defending 1.3671 key support. 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.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6353; (P) 1.6386; (R1) 1.6436; More

EUR/AUD rebounds strongly today but stays below 1.6586 resistance. Intraday bias remains neutral first. On the upside, sustained break of 1.6586 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 1.5816). 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 1.6449) would neutralize the long term bearishness and argues that price actions from 1.9799 are developing into a sideway range pattern instead.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4975; (P) 1.5010; (R1) 1.5033; More

Intraday bias in EUR/AUD stays neutral first. Firm break of 1.4934 support will confirm short term topping, on bearish divergence condition in 4 hour MACD, after hitting 1.5094 key resistance. In that case, deeper pull back would be seen to 55 day EMA (now at 1.4540). Meanwhile, sustained break of 1.5094 resistance will extend the rally from 1.3624 to next medium term fibonacci level at 1.5455.

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 and above. In any case, outlook will now stay cautiously bullish as long as 1.4309 resistance turned support holds.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5472; (P) 1.5589; (R1) 1.5764; More

EUR/AUD edged higher to 1.5704 but quickly retreated. Intraday bias stays neutral first. Break of 1.5704 will resume the rally from 1.4281 to 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823. However, on the downside, break of 1.5412 minor support will turn bias to the downside for deeper pull back.

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) 1.6566; (P) 1.6627; (R1) 1.6671; More

Intraday bias in EUR/AUD is mildly on the upside for retesting 1.6872 resistance Decisive break there will resume the corrective rebound from 1.6033 and target 38.2% retracement of 1.9799 to 1.6033 at 1.7472. On the downside, however, break of 1.6461 will bring deeper fall to 1.6337 support instead.

In the bigger picture, EUR/AUD is now back above 55 day EMA (now at 1.6463) with current rebound. The development argues that price actions form 1.9799 might be developing into a sideway pattern only. That is, medium term outlook is just neutral, and up trend from 1.1602 (2012 low) could resume at a later stage. On the downside, though, sustained trading below 55 week EMA would revive medium term bearishness for 61.8% retracement of 1.1602 to 1.9799 at 1.4733.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5770; (P) 1.5810; (R1) 1.5854; More….

EUR/AUD is staying in range below 1.5886 and intraday bias remains neutral. Further rise is expected with 1.5696 minor support intact. On the upside, break of 1.5886 will resume the rebound from 1.5271 and target 1.6189 high. However, as the rebound from 1.5271 is not clearly impulsive yet and momentum isn’t too convincing. Break of 1.5695 minor support could be an early sign of near term topping. In such case, bias will be turned back to the downside for 1.5425 support.

In the bigger picture, current development suggests that fall from 1.6189 is a corrective move and has completed at 1.5217 already. Key support levels of 1.5153 and 38.2% retracement of 1.3624 to 1.6189 at 1.5209 were defended. And medium term rise from 1.3624 (2017 low) is still in progress. Break of 1.6189 will target 1.6587 key resistance (2015 high).

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5792; (P) 1.5856; (R1) 1.5925; More….

At this point, intraday bias in EUR/AUD remains on the upside. Prior break of 1.5816 resistance confirmed medium term rise resumption. Further rally should be seen to 61.8% projection of 1.5258 to 1.5816 from 1.5626 at 1.5971. Break will target 1.6526. On the downside, below 1.5786 minor support will turn intraday bias neutral. But outlook will remain bullish as long as 1.5626 support holds.

In the bigger picture, medium term rise from 1.3624 is still in progress for 1.6587 key resistance. At this point, we’d be cautious on strong resistance from there to limit upside. But decisive break will confirm resumption of long term rise from 1.1602. On the downside, break of 1.5153 support is needed to indicate completion of the medium term rise. Otherwise, outlook will remain bullish in case of pull back.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6231; (P) 1.6292; (R1) 1.6345; More

Intraday bias in EUR/AUD remains on he downside for the moment. Current fall from 1.6742 is seen as the third leg of the corrective pattern from 1.7062. Deeper decline should be seen to expected to 1.6127 support, or further to 100% projection of 1.7062 to 1.6127 from 1.6742 at 1.5807. On the upside, above 1.6336 minor resistance will turn intraday bias neutral first. But for now, risk will remain on the downside as long as 1.6494 resistance holds, in case of recovery.

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). In case of deeper fall, strong support is expected around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound. Break of 1.7062 is in favor as a later stage.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5705; (P) 1.5759; (R1) 1.5794; More

Intraday bias in EUR/AUD is turned neutral with today’s recovery. On the upside, break of 1.5863 will indicate short term bottoming at 1.5723, just ahead of 100% projection of 1.6827 to 1.6122 from 1.6420 at 1.5715. Intraday bias will be turned back to the upside for rebound, towards 1.6122 support turned resistance. Though, firm break of 1.5723 will resume larger down trend to 161.8% projection at 1.5279 next.

In the bigger picture, current development suggests that price actions from 1.9799 is 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 1.6827 resistance holds, even in case of strong rebound.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6258; (P) 1.6483; (R1) 1.6602; More

EUR/AUD’s decline from 1.9799 resumes by taking out 1.6453. Intraday bias is back on the downside. Current development argues that medium term trend could have reversed. Next down side target is 1.6085 support first. On the upside, break of 1.6772 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6324; (P) 1.6393; (R1) 1.6436; More

Intraday bias in EUR/AUD remains on the downside at this point. Fall from 1.6742 is seen as the third leg of the corrective pattern from 1.7062. Deeper fall would be seen to 1.6127 support, or further to 100% projection of 1.7062 to 1.6127 from 1.6742 at 1.5807. On the upside,de above 1.6405 minor resistance will turn intraday bias neutral first.

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). In case of another fall, strong support is expected around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound. Break of 1.7062 is in favor as a later stage.

EUR/AUD Weekly Outlook

EUR/AUD’s fall from 1.6434 continued last week and reached as high as 1.5356. Initial bias stays on the downside this week for 1.5250 low. Sustained break there will confirm resumption of larger down trend. Next target is 1.4733 long term fibonacci support. On the upside, break of 1.5523 minor resistance will turn bias back to the upside for stronger rebound first.

In the bigger picture, the down trend from 1.9799 (2020 high) is in progress. Firm break of 1.5250 low will confirm resumption nand target 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733. Sustained break there could bring more downside acceleration to 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623. In any case, break of 1.6434 resistance is needed to signal medium term bottoming, or outlook will stay bearish.

In the longer term picture, fall from 1.9799 (2020 high) is seen as a long term down trend. Sustained break of 61.8 retracement of 1.1602 to 1.9799 at 1.4733 will extend the decline to 1.3624 long term support and possibly below.

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6490; (P) 1.6549; (R1) 1.6584; More

EUR/AUD is still bounded in sideway trading and intraday bias remains neutral. On the upside, decisive break of 1.6671 will revive the case that whole correction from 1.7062 has completed with three waves down to 1.6127. Further rally should then be seen to 1.6844 resistance for confirmation. Nevertheless, below 1.6455 minor support will turn bias to the downside for 1.6348 and possibly below.

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.

EUR/AUD Weekly Outlook

EUR/AUD dropped sharply to as low as 1.5773 last week before forming a temporary low there and recovered. Initial bias is neutral this week first. Upside of recovery should be limited below 1.6055 minor resistance to bring another fall. Break of 1.5773 will target 1.5621 support first. Decisive break there will be another indication of medium term trend reversal.

In the bigger picture, the case for medium term reversal is building up in EUR/AUD. Bearish divergence condition in daily MACD indicates further loss of upside momentum ahead of 1.6587 key resistance (2015 high). Break of 1.5621 should confirm medium term topping and bring deeper fall back to 1.5153 and possibly below. Meanwhile, even in case of up trend resumption, we’d be cautious on strong resistance from 1.6587 to limit upside and bring reversal.

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) 1.6211; (P) 1.6274; (R1) 1.6388; More

Intraday bias in EUR/AUD is turned neutral with current strong recovery. Further fall is mildly in favor as long as 1.6374 resistance holds. Below 1.6144 will target a test on 1.6033 low. Decisive break there will resume larger fall from 1.9799. On the upside, break of 1.6374 resistance will extend the consolidation from 1.6033 with another rising leg, and turn bias to the upside for 1.6827.

In the bigger picture, current development suggests that price actions form 1.9799 might be developing into a sideway pattern only. That is, medium term outlook is just neutral, and up trend from 1.1602 (2012 low) could resume at a later stage. On the downside, though, sustained trading below 55 week EMA (now at 1.6463) would revive medium term bearishness for 61.8% retracement of 1.1602 to 1.9799 at 1.4733.