Daily Pivots: (S1) 1.6264; (P) 1.6293; (R1) 1.6339; More…

Range trading continues in EUR/AUD and intraday bias remains neutral at this point. On the upside, decisive break of 1.6434 resistance will carry larger bullish implications. However, considering bearish divergence condition in 4H MACD, firm break of 1.6216 should confirm short term topping, after rejection by 1.6389/6434 cluster resistance zone. Intraday bias will be back on the downside in this case, to 1.6033 support and possibly below.

In the bigger picture, focus stays on 1.6389/6434 cluster resistance (38.2% retracement of 1.9799 to 1.4281 at 1.6389). Sustained break there should confirm that whole down trend from 1.9799 (2020 high) has completed. Further rally should then be seen to 61.8% retracement at 1.7691. However, rejection by this cluster resistance will make medium term outlook neutral at best.

Daily Pivots: (S1) 1.5692; (P) 1.5733; (R1) 1.5795; More….

Intraday bias in EUR/AUD remains mildly on the upside at this point. Rebound from 1.5519 short term bottom is in progress for 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.

Much volatility was seen in EUR/AUD last week. But it was bounded in range of 1.4791/5173, without making any progress. Initial bias is neutral this week first. On the upside, break of 1.5173/5226 resistance zone will finally resume larger rise from 1.3624. 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.

In the longer term picture, the rise from 1.1602 long term bottom 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 confirm trend reversal and target 1.1602 long term bottom again.

Daily Pivots: (S1) 1.5523; (P) 1.5578; (R1) 1.5639; More…

Intraday bias in EUR/AUD remains neutral for the moment. On the upside, break of 1.5650 resistance will revive that case that correction from 1.5976 has completed at 1.5254. Intraday bias will be back on the upside for 1.5749 resistance first. On the downside, firm break of 1.5254/71 will carry larger bearish implication and resume the fall from 1.5976.

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) 1.5630; (P) 1.5680; (R1) 1.5762; More…

Intraday bias in EUR/AUD stays on the upside as rebound from 1.5354 extends. Sustained break of 55 day EMA (now at 1.5764) will argue that whole fall from 1.6434 has completed and bring stronger rally. On the downside, however, below 1.5585 minor support will turn bias back to the downside for 1.5354. Break there will target a test on 1.5250 low.

In the bigger picture, the down trend from 1.9799 (2020 high) is in progress. Firm break of 1.5250 low will confirm resumption and 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.

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).

Daily Pivots: (S1) 1.5249; (P) 1.5303; (R1) 1.5348; More….

Intraday bias in EUR/AUD remains neutral at this point. Current development argues that fall from 1.5770 is not completed yet. On the downside, below 1.5259 will turn intraday bias to the downside for 1.5153. Break will target 1.4949 cluster support (38.2% retracement of 1.3624 to 1.5770 at 1.4950).

In the bigger picture, price actions from 1.5770 so far suggests that it’s corrective in nature. That is, medium term rise from 1.3624 is not completed yet. Break of 1.5770 will extend the rise to retest 1.6587 (2015 high). However, considering bearish divergence condition in daily MACD, sustained break of 1.4949 cluster support (38.2% retracement of 1.3624 to 1.5770 at 1.4950) will indicate medium term reversal. And there is prospect of retesting 1.3624 low in that bearish case.

Daily Pivots: (S1) 1.5695; (P) 1.5797; (R1) 1.5864; More….

EUR/AUD rebounds strongly today but stays below 1.6038 resistance. Intraday bias remains neutral first. Further decline is expected with 1.6038 resistance intact. On the downside, break of 1.5721 will extend the fall from 1.6765 to 1.5346 key support. But break of 1.6038 will indicate completion of the fall and turn bias back to the upside.

In the bigger picture, the failure to sustain above 1.6587 key resistance (2015 high) argues that up trend from 1.1602 (2012 low) is not ready to resume yet. But still, as long as 1.5346 support holds, outlook will remain bullish. 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, with bearish divergence condition in weekly MACD, and turn outlook bearish.

EUR/AUD breached 1.5721 key support again last week but recovered quickly. There is no confirmation of decline resumption yet. Initial bias stays neutral this week for more consolidation. In case of another rise, upside should be limited by 1.6122 near term resistance. On the downside, decisive break of 1.5721 will resume the decline from 1.6765 to 1.5346 key support next.

In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Uptrend 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, with bearish divergence condition in weekly MACD, and turn outlook bearish.

In the longer term picture, the rise from 1.1602 long term bottom (2012 low) is still in progress for 61.8% retracement of 2.1127 to 1.1602 at 1.7488. Firm break there will pave the way to 100% projection of 1.1602 to 1.6587 from 1.3624 at 1.8069. This will remain the favored case as long as 1.5346 remains intact.

Daily Pivots: (S1) 1.6084; (P) 1.6175; (R1) 1.6226; More…

Intraday bias in EUR/AUD remains mildly on the downside at this point. Fall from 1.6434 short term top should target 1.5898 structural support first. Sustained break there will argue that choppy rise from 1.5250 has completed already. Outlook will be turned bearish for retesting 1.5250 low. On the upside, however, above 1.6263 minor resistance will retain near term bullishness, and turn bias back to the upside for 1.6434 high instead.

In the bigger picture, rise from 1.5250 medium term bottom is currently 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. We’d tentatively expect strong resistance from there to limit upside, at least on first attempt. Meanwhile, break of 1.5898 support will indicate that the rebound has completed and bring retest of 1.5250 low.

EUR/AUD stayed in range trading last week and outlook is unchanged. Initial bias remains neutral this week first. 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.

In the longer term picture, fall from 1.9799 (2020 high) is seen as the third leg of the pattern from 2.1127 (2008 high). Deeper fall should be seen to 1.3624 support. Decisive break there would pave the way back to 1.1602 (2012 low).

Daily Pivots: (S1) 1.6727; (P) 1.6770; (R1) 1.6823; More…

Intraday bias in EUR/AUD remains neutral for the moment. On the downside, break of 1.6647 will extend the corrective fall from 1.7062 to 1.6259/6601 support zone. On the upside, firm break of 1.6887 resistance should confirm that correction from 1.7062 has completed at 1.6647. Further rally should be seen through 1.7062 to 1.7377 projection level.

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 deep pull back.

Daily Pivots: (S1) 1.5628; (P) 1.5694; (R1) 1.5739; More….

Intraday bias in EUR/AUD remains neutral first with focus on 1.5643 minor support. Break there will indicate completion of the corrective rise from 1.5519. Intraday bias will turn back to the downside for retesting 1.5519 low first. On the upside, above 1.5781 would extend the corrective rise 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.

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.

Daily Pivots: (S1) 1.5807; (P) 1.5859; (R1) 1.5895; More….

EUR/AUD lost momentum after hitting 61.8% projection of 1.5258 to 1.5816 from 1.5626 at 1.5971. Intraday bias is turned neutral first. Another rise is expected as long as 1.5823 minor support holds. Break of 1.5976 will target 100% projection at 1.6184 next. Nonetheless, considering bearish divergence condition in 4 hour MACD, break of 1.5823 will indicate short term topping and bring deeper pull back to 1.5626 and possibly below.

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.

Daily Pivots: (S1) 1.5843; (P) 1.5888; (R1) 1.5912; More…

Intraday bias in EUR/AUD stays neutral for consolidation below 1.5959 temporary top. As long as 1.5828 minor support holds, further rise is expected. On the upside, above 1.5959 will target 1.6122 resistance first. Decisive break there will confirm completion with corrective fall from 1.6765 at 1.5683. In this case, further rally should be seen back to retest 1.6765 high. On the downside, however, below 1.5828 minor support will turn bias back to the downside for 1.5683 instead.

In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Uptrend 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, with bearish divergence condition in weekly MACD, and turn outlook bearish.

Daily Pivots: (S1) 1.6620; (P) 1.6661; (R1) 1.6687; More…

EUR/AUD’s decline from 1.9799 resumes today with a break on 1.6597 cluster support zone. The development suggests that larger down trend might be resuming. Intraday bias is now on the downside for 1.6085 support next. On the upside, break of 1.6763 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will remain cautiously bearish in case of recovery.

In the bigger picture, focus stays on 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 1.6548). Strong rebound from current level will retain medium term bullishness. Larger up trend from 1.1602 (2012 low) would extend through 1.9799 high. However, sustained break of 1.6597 will suggest bearish reversal and target 61.8% retracement at 1.4733.

Daily Pivots: (S1) 1.6233; (P) 1.6299; (R1) 1.6391; More…

Intraday bias in EUR/AUD remains neutral for consolidation above 1.6033 temporary low. Further decline is expected as long as 1.6772 resistance holds. Firm break of 1.6085 support will pave the way to next support level at 1.5346. Nevertheless, break of 1.6772 resistance will indicate short term bottoming and turn bias to the upside for stronger rebound.

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.

Daily Pivots: (S1) 1.5415; (P) 1.5477; (R1) 1.5526; More…

Intraday bias in EUR/AUD is turned neutral with current retreat. Some consolidations could be seen but outlook will remain bullish as long as 1.5165 support holds. Above 1.5536 will target 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823.

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.

Daily Pivots: (S1) 1.5262; (P) 1.5377; (R1) 1.5446; More…

Intraday bias in EUR/AUD stays neutral as consolidation from 1.5704 is still extending. Downside should be contained by 55 day EMA (now at 1.5315) to bring rebound. On the upside, decisive break of 1.5704 resistance will resume whole rally from 1.4281. However, sustained trading below 55 day EMA will bring deeper decline to 1.4965 resistance turned support.

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.

Daily Pivots: (S1) 1.6147; (P) 1.6209; (R1) 1.6291; More…

Intraday bias in EUR/AUD remains on the upside for 1.6314 resistance. Decisive break there will re-affirm medium term bullishness and target 1.6432 next. On the downside, below 1.6151 minor support will turn intraday bias neutral first. For now, risk will stay on the upside as long as 1.5962 support holds.

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 1.6079) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.