Daily Pivots: (S1) 1.4323; (P) 1.4385; (R1) 1.4433; More…

Intraday bias in EUR/AUD remains neutral for the moment. On the downside, below 1.4322 will target 1.4702 low first. Break of 1.4072 will extend the correction from 1.6587 towards next key support level 1.3671. Meanwhile, decisive break of 1.4880 resistance will indicate that such correction from 1.6587 is completed and turn near term outlook bullish for 1.5094 resistance next.

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.

Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box

Daily Pivots: (S1) 1.5420; (P) 1.5516; (R1) 1.5573; More…

EUR/AUD’s fall from 1.5976 resumed by breaking through 1.5414. Intraday bias is back on the downside for 38.2% retracement of 1.4281 to 1.5976 at 1.5329. Strong support could be seen there to bring rebound. Break of 1.5614 resistance will indicate that the correction has completed, and bring retest of 1.5976 high. However, sustained trading below 1.5329 will carry larger bearish implication and target 61.8% retracement at 1.4928.

In the bigger picture, it’s still early to confirm if rise from 1.4281 represents bullish trend reversal. But as long as 1.5271 support holds, such rally is in favor to continue. Break of 1.5976 will target 1.6434 key resistance next. On the other hand, firm break of 1.5271 will retain medium term bearishness instead.

Daily Pivots: (S1) 1.6636; (P) 1.6735; (R1) 1.6929; More…

Intraday bias stays mildly on the upside at this point. rebound from 1.6538 short term bottom would target 1.7321 resistance. Firm break there should bring stronger rebound to 38.2% retracement of 1.9799 to 1.6538 at 1.7748 next. For now, risk will stay on the upside as long as 1.6538 holds.

In the bigger picture, while the pull back from 1.9799 is deep, there is no clear sign of trend reversal yet. EUR/AUD is still holding on to 1.6597 (2015 high) cluster support, with 38.2% retracement of 1.1602 to 1.9799 at 1.6668. Larger rise from 1.1602 (2012 low) is in progress and would resume at a later stage. However, sustained break of 1.6597 suggest bearish reversal.

Daily Pivots: (S1) 1.6151; (P) 1.6207; (R1) 1.6237; More….

EUR/AUD’s decline from 1.6351 extends lower today. the break of 1.6175 minor support suggests rejection from 1.6353 and dampens our bullish view. Intraday bias is mildly on the downside for deeper fall. But overall, price actions from 1.6353 are seen as a corrective pattern. Hence, downside should be contained by 1.5984 support to bring up trend resumption eventually.

In the bigger picture, up trend from 1.3624 (2017 low) is still in progress. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5984 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.

Looking through recent volatility, EUR/AUD is bounded in sideway consolidation form 1.6033 after all. Initial bias remains neutral this week 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 1.6458) would neutralize the long term bearishness and argues that price actions from 1.9799 are developing into a sideway range pattern instead.

In the longer term picture rise from 1.1602 (2012 low) could have already completed with three waves up to 1.9799. The development suggests that long term range trading is extending with another medium term down leg. Sustained trading below 55 month EMA (now at 1.5816) will further affirm this case and target 1.1602/3624 support zone.

Daily Pivots: (S1) 1.4820; (P) 1.4861; (R1) 1.4920; More…

Intraday bias in EUR/AUD 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 1.5073 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, below 1.4830 minor support will turn intraday bias neutral first. But outlook will stay cautiously bullish as long as 1.4777 resistance turned 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) 1.5525; (P) 1.5566; (R1) 1.5623; More…

Intraday bias in EUR/AUD remains mildly on the upside at this point. Price actions from 1.5250 are seen as correcting the whole decline from 1.6827. Further rise could be seen through 1.5689 resistance to 38.2% retracement of 1.6827 to 1.5250 at 1.5852. On the downside, break of 1.5444 minor support will turn bias back to the downside for retesting 1.5250 low instead.

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) 1.4709; (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) 1.6253; (P) 1.6310; (R1) 1.6344; More…

EUR/AUD drops further today but it’s staying in range above 1.6033 after all. Intraday bias remains neutral first and more consolidations could be seem. As long as 1.6586 resistance holds, further decline and break of 1.6033 remains in favor. However, on the upside, sustained break of 1.6585 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.

Daily Pivots: (S1) 1.6328; (P) 1.6444; (R1) 1.6505; More…

EUR/AUD remains in consolidation form 1.6593 and intraday bias stays neutral. Downside of consolidation should be contained above 1.6294 resistance turned support to bring rise resumption. On the upside, break of 1.6593 will extend whole rally from 1.5962 to retest 1.6786 high.

In the bigger picture, EUR/AUD drew support from 55 week EMA and rebounded strongly again. The development indicates that up trend from 1.1602 (2012 low) is still in progress. Further rise should be seen to 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. This will remain the favored case as long as 1.5962 support holds.

Daily Pivots: (S1) 1.6794; (P) 1.6834; (R1) 1.6909; More…

Intraday bias in EUR/AUD remains neutral for the moment. Further rise is mildly in favor as long as 1.6737 support holds. On the upside, break of 1.7062 resistance will resume larger up trend to 1.7377 projection level next. However, firm break of 1.6737 will bring deeper pull back to 1.6601 resistance turned support instead.

In the bigger picture, the rise from 1.4281 (2022 low) is in progress. Next target is 100% projection of 1.5254 to 1.6785 from 1.5846 at 1.7377. For now, outlook will stay bullish as long as 1.5846 support holds, even in case of another pull back.

Daily Pivots: (S1) 1.4889; (P) 1.4941; (R1) 1.5006; More…

Intraday bias in EUR/AUD remains neutral and outlook is unchanged. On the downside, break of 1.4882 support will reaffirm that case that corrective rebound from 1.4318 has completed at 1.5277, ahead of 1.5354 resistance. Deeper fall would be seen to 1.4597 support, and then 1.4318 low. Also, risk will stay on the downside as long as 1.5277 resistance holds.

In the bigger picture, as long as 1.5354 support turned resistance holds, larger down trend from 1.9799 (2020 high) is still expected to continue. On resumption, next target is 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). However, firm break of 1.5354 will indicate medium term bottoming and bring stronger rally back to 1.6434 key resistance.

Daily Pivots: (S1) 1.6516; (P) 1.6548; (R1) 1.6602; More…

Intraday bias in EUR/AUD remains neutral for the moment. Rise from 1.596 is still in favor to continue with 1.6474 support intact. On the upside, break of 1.6745 resistance will suggest that pullback from 1.7180 has completed, and retain near term bullishness. Further rise should then be seen back to retest 1.7180 high. However, decisive break of 1.6474 will argue that rise from 1.5996 has completed, and dampen the larger bullish view.

In the bigger picture, corrective fall from 1.7062 medium term top should have completed at 1.5996. Larger up trend from 1.4281 (2022 low) is resuming. Next target is 61.8% projection of 1.4281 to 1.7062 from 1.5996 at 1.7715. This will now remain the favored case as long as 1.6474 support holds. However, decisive break of 1.6474 will argue that EUR/AUD is still engaging in medium term range trading.

Daily Pivots: (S1) 1.5520; (P) 1.5591; (R1) 1.5687; More…

EUR/AUD is staying in consolidation from 1.5747 and intraday bias remains neutral at this point. As long as 1.5271 support holds, further rally is expected. On the upside, firm break of 1.5747 will resume larger rally from 1.4281. Next target is 61.8% projection of 1.4281 to 1.5704 from 1.5271 at 1.6150.

In the bigger picture, as long as 1.5271 support holds, rise from 1.4281 medium term bottom is expected to continue to 1.6434 key resistance next. However, firm break of 1.5271 will argue that such rebound has completed, and keep medium term outlook neutral at best. But in this case, more range trading should be seen above 1.4281 low first.

EUR/AUD’s rise from 1.5996 extended through 1.6742 resistance last week despite interim pullback. The development strengthens the case that corrective fall from 1.7062 has completed with three waves down to 1.5998. Initial bias is on the upside this week for retesting 1.7062 high. On the downside, break of 1.6474 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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) and could have completed after hitting 38.2% retracement of 1.4281 to 1.7062 at 1.6000. On resumption next target will be 61.8% projection of 1.4281 to 1.7062 from 1.5996 at 1.7715. This will now remain the favored case as long as 1.6474 support holds.

In the longer term picture, price actions from 1.9799 (2020 high) are seen as a long term decline at the same scale as the rise from 1.1602 (2012 low). Rebound from 1.4281 is seen as the second leg. As long as 55 M EMA (now at 1.5987) holds, this second leg could still extend higher. However, sustained trading below 55 M EMA will open up the bearish case for extending the decline through 1.4281 low.

Daily Pivots: (S1) 1.5725; (P) 1.5804; (R1) 1.5852; More…

Intraday bias in EUR/AUD stays neutral for the moment. On the upside, break of 1.5905 minor resistance will argue that pull back form 1.6168 is complete. Intraday bias will be turned back to the upside for retesting 1.6168 first. Break there will resume rise form 1.5354 to 1.6434 resistance. On the downside, below 1.5655 will target 1.5354 support instead.

In the bigger picture, medium term outlook remains neutral for the moment. 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.

Daily Pivots: (S1) 1.6559; (P) 1.6588; (R1) 1.6639; More…

Intraday bias in EUR/AUD remains neutral for consolidation above 1.6452 temporary low. But further decline is in favor as long as 1.6793 resistance holds. Fall from 1.7062 is seen as a larger scale correction. Below 1.6452 will target 1.6000 fibonacci level.

In the bigger picture, current development argues that fall from 1.7062 is probably correcting whole up trend from 1.4281. Deeper decline would be seen to 38.2% retracement of 1.4281 to 1.7062 at 1.6000. Strong support should be seen there to bring rebound, at least on first attempt.

Daily Pivots: (S1) 1.5593; (P) 1.5623; (R1) 1.5655; More…

Intraday bias in EUR/AUD stays mildly on the upside for the moment. Consolidation pattern from 1.5250 is in it’s third leg and should target 1.5689 resistance first. Break there will target 38.2% retracement of 1.6827 to 1.5250 at 1.5852. On the downside, though, break of 1.5526 will turn bias back to the downside for 1.5355 support and below.

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) 1.4868; (P) 1.4916; (R1) 1.4952; More…

With 1.4663 support intact, rise from 1.4281 should still be in progress. Further rise would be seen to 1.5396 resistance. On the downside, however, break of 1.4663 minor support will turn bias back to the downside for retesting 1.4281 low.

In the bigger picture, down trend from 1.9799 is still in progress. Break of 1.4318 low will target 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). This will remain the favored case now as long as 1.5396 resistance holds.

Daily Pivots: (S1) 1.6063; (P) 1.6119; (R1) 1.6160; More….

A temporary top is formed at 1.6171 in EUR/AUD, just ahead of 1.6189 resistance and intraday bias is turned neutral first. Some consolidations could be seen. But retreat should be contained by 1.5886 resistance turned support to bring another rally. On the upside, firm break of 100% projection of 1.5271 to 1.5886 from 1.5601 at 1.6216 will extend the larger up trend to 161.8% projection at 1.6596, which is close to another key resistance level at 1.6587.

In the bigger picture, EUR/AUD drew strong support from 55 week EMA and rebounded. And the development argues that medium term rally from 1.3624 (2017 low) is still in progress. Firm break of 1.6189 will target a test on 1.6587 (2015 high). On the downside, break of 1.5601 support will now be the first sign of medium term reversal, and will bring a test on 1.5271 key support for confirmation.