Daily Pivots: (S1) 1.5415; (P) 1.5441; (R1) 1.5480; .
EUR/AUD rebounded after hitting 1.5346, ahead of 1.5271/5313 cluster support zone. Intraday bias is turned neutral first. While stronger recovery cannot be ruled out, near term outlook will stay bearish as long as 1.5781 resistance holds. On the downside, below 1.5346 will target 1.5271/5313 cluster support zone again. However, considering bullish convergence condition in 4 hour MACD, break of 1.5781 will suggest that fall from 1.6357 has completed. And intraday bias will be turned back to the upside for retesting 1.6357.
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). Fall from 1.6357 should be corrective such up trend and would target 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313). Break will extend the correction to Break will target 61.8% retracement at 1.4668. Nevertheless, firm break of 1.5781 will suggest that the pull back has already completed. And larger uptrend from 1.3624 might be ready to resume.
Daily Pivots: (S1) 0.8891; (P) 0.8919; (R1) 0.8948;
Intraday bias in EUR/GBP remains neutral as this point, as it’s still cannot sustain above 0.8939 resistance yet. On the upside, firm break of 0.8939 resistance will confirm completion of the fall from 0.9098 and turn outlook bullish for this resistance. On the downside, below 0.8810 will turn bias to the downside for 0.8655 low instead.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Sustained break of 0.8939 resistance will confirm that it’s in a medium term rising leg for 0.9098 and above. And for now, in case of another fall, downside will likely be contained by 0.8620/55 support zone to bring rebound.
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