Sat, Jul 11, 2020 @ 11:34 GMT

EUR/AUD Weekly Outlook

EUR/AUD stayed in consolidation from 1.9799 last week and outlook is unchanged. Initial bias remains neutral this week first. In case of deeper fall, 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.

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 Daily Outlook

Daily Pivots: (S1) 1.5675; (P) 1.5717; (R1) 1.5767; More….

Intraday bias in EUR/AUD remains neutral at this point. On the upside, above 1.5781 will resume the corrective rebound from 1.5519 to 38.2% retracement of 1.6357 to 1.5519 at 1.5839 and possibly above. But upside should be limited well below 1.5984 support turned resistance to bring fall resumption. On the downside, below 1.5643 minor support will bring retest of 1.5519 low.

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) 1.5998; (P) 1.6029; (R1) 1.6083; More….

Break of 1.6059 resistance suggests that pull back from 1.6189 has completed at 1.5773 already. More importantly, larger rise from 1.3624 is likely still in progress. Intraday bias is now on the upside for 1.6189 first. Firm break there will target 1.6587 key resistance. On the downside, below 1.5963 minor support will turn focus back to 1.5773 instead.

In the bigger picture, while there is bearish divergence condition in daily MACD, there is no clear sign of reversal yet. EUR/AUD also drew strong support from 55 day EMA and rebounded. Current rally from 1.3624 could still 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.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6720; (P) 1.6859; (R1) 1.6943; More

EUR/AUD is staying in consolidation from 1.7126 temporary top and intraday bias remains neutral first. Deeper retreat could be seen but downside should be contained above 1.6593 resistance turned support to bring another rally. 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 affirm 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 retreat.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6104; (P) 1.6147; (R1) 1.6178; More

Intraday bias in EUR/AUD remains neutral at this point. With 1.6259 minor resistance intact, further decline is expected. On the downside, break of 1.6025 will resume the fall from 1.6448 to 1.5683 support and below. On the upside, break of 1.6259 will indicate that corrective pull back from 1.6448 has completed. And further rise should be seen back to retest 1.6448 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 and turn outlook bearish.

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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).

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5025; (P) 1.5077; (R1) 1.5135; More….

EUR/AUD rises further today but it’s still staying below 1.5173 resistance. Intraday bias remains neutral first. On the upside, break of 1.5173/5226 resistance zone will finally resume larger rise from 1.3624. In that case, EUR/AUD will target 1.5644 resistance first. 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.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4149; (P) 1.4249; (R1) 1.4318; More

Intraday bias in EUR/AUD remains on the downside for 1.4072 low. Break there will extend the correction from 1.6587 towards next key support level 1.3671.On the upside, above 1.4322 support turned resistance will turn bias neutral again.

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 of 1.6587 resistance first.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6164; (P) 1.6209; (R1) 1.6235; More

EUR/AUD’s correction from 1.6448 is still in progress and outlook remains unchanged. While deeper decline cannot be ruled out, downside should be contained above 1.6052 support to bring rise resumption. On the upside, break of 1.6448 will resume the rally from 1.5683 and target 1.6765 high. However, firm break of 1.6052 support will near term outlook bearish for 1.5683 support again.

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) 1.5350; (P) 1.5387; (R1) 1.5434; More….

EUR/AUD lost some upside momentum as seen in 4 hour MACD. But we’re still expecting further rally ahead. A short term bottom was formed at 1.5153 on bullish convergence condition in 4 hour MACD. Further rise would be seen back to retest 1.5770 high. On the downside, break of 1.5153 will resume the fall from 1.5770 to 1.4949 cluster support (38.2% retracement of 1.3624 to 1.5770 at 1.4950).

In the bigger picture, decline from 1.5770 just breached 1.5226 key support briefly and recovered. The development is reviving the bullish case that rise from 1.3624 is still in progress. But considering bearish divergence condition in daily MACD, we’d prefer to see firm break of 1.5770 resistance to confirm. On the downside, sustained trading below 55 week EMA (now at 1.4950) will likely bring retest of 1.3624 support. Overall, there is still prospect of another medium term rally as long as 61.8% retracement of 1.1602 to 1.6587 at 1.3506 holds.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5815; (P) 1.5850; (R1) 1.5886; More….

Intraday bias in EUR/AUD remains neutral at this point. Consolidation pattern from 1.6189 is till unfolding. Deeper decline could be seen through 1.5773 support. But we’d expect downside to be contained above 1.5621 support to bring rebound. On the upside, above 1.5962 will turn bias to the upside for 1.6139 resistance and above.

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) 1.5907; (P) 1.5955; (R1) 1.6038; More….

EUR/AUD is staying in range below 1.6039 and intraday bias remains neural first. More consolidation could be seen. But still, further rise is expected as long as 1.5791 support holds. Break of 1.6039 will resume larger rally to 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. However, break of 1.5791 minor support will be an early sign of near term reversal. In such case, focus will be turned back to 1.5621 support.

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 1.5153 support is needed to indicate medium term reversal. Otherwise, outlook will stays bullish even in case of deep pull back.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4085; (P) 1.4150; (R1) 1.4206; More

Intraday bias in EUR/AUD remains neural as it’s staying in range of 1.3872/4309. With 1.3872 support intact, further rise is in favor. And, we’re mildly favoring the case of trend reversal after defending key support level at 1.3671. On the upside, break of 1.4309 will extend the rebound from 1.3624 to 1.4721 key resistance level next. Decisive break of 1.4721 should confirm larger trend reversal. However, firm break of 1.3872 support will dampen our bullish view. In such case, intraday bias will be turned back to the downside for 1.3624 low 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 testing 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) 1.6125; (P) 1.6212; (R1) 1.6269; More

Intraday bias in EUR/AUD remains neutral with focus now on 1.6148 support. Break 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. For now, risk will stay on the downside as long as 1.6323 resistance holds in any case.

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.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5468; (P) 1.5498; (R1) 1.5514; More….

EUR/AUD lost upside momentum after hitting 1.5556 and intraday bias is turned neutral first. 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) 1.4132; (P) 1.4192; (R1) 1.4244; More

EUR/AUD lost downside momentum ahead of 1.4072 low and intraday bias is turned neutral first. At this point, there is no clear indication of resumption of larger decline yet. Above 1.4332 support turned resistance will turn bias back to the upside to extend recent sideway trading. Nonetheless, decisive break of 1.4072 low will extend the correction from 1.6587 towards next key support level 1.3671.

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 1.4880 resistance will be the first sign of resumption of up trend from 1.1602 and target retesting of 1.6587 resistance first.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6221; (P) 1.6261; (R1) 1.6311; More

Range trading continues in EUR/AUD and intraday bias remains neutral first. Further decline is expected with 1.6772 resistance intact. On the downside, break of 1.6033 will resume the fall from 1.9799 and target 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.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5397; (P) 1.5443; (R1) 1.5482; More….

Near term outlook in EUR/AUD remains bearish with 1.5617 resistance intact. Current fall from 1.6189 should target 1.5153 key support level next. On the upside, break of 1.5617 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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) 1.6058; (P) 1.6132; (R1) 1.6169; More

Intraday bias in EUR/AUD remains on the downside at this point. Rise from 1.5894 has completed at 1.6786 after failing to sustain above 1.6765 resistance. Deeper fall would be seen to retest 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.

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EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6139; (P) 1.6175; (R1) 1.6226; More

Intraday bias in EUR/AUD remains neutral at this point. Further rise is still expected as long as 1.5962 support holds. 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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