EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.5530; (P) 1.5587; (R1) 1.5629;
Intraday bias in EUR/AUD remains neutral for consolidation above 1.5519 temporary low. As long as 1.5693 minor resistance intact, further decline is expected. On the downside, break of 1.5519 will resume the decline from 1.6357 for 1.5271/5313 cluster support zone next. On the upside, break of 1.5693 should indicate short term bottoming, on bullish convergence condition in 4 hour MACD. In that case, stronger rebound would be seen back to 55 day EMA (now at 1.5928).
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.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8848; (P) 0.8880; (R1) 0.8935;
Intraday bias in EUR/GBP remains on the upside for 0.8939 resistance first. Break will extend the rise from 0.8665 to 0.9098 resistance next. On the downside below 0.8824 minor support will turn intraday bias neutral first. Some consolidations could then be seen before another rally.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Medium term fall from 0.9305 is possibly in progress and could extend through 0.8620. On the upside, break of 0.8939 resistance is needed to indicate medium term reversal. Otherwise, outlook will remain cautiously bearish even in case of rebound.
