EUR/AUD’s rebound from 1.5996 extended higher last week and broke through 55 D EMA (now at 1.6216). The development is taken as the first sign that whole correction from 1.0762 has completed with three waves down to 1.6000 fibonacci support. Further rise is expected this week as long as 1.6171 minor support holds, to 1.6148 resistance. Firm break there will solidify this bullish case. Nevertheless, break of 1.6171 minor support will dampen this bullish view and bring retest of 1.5996 instead.

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) only. Strong support is still expected between 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound. Break of 1.6148 resistance will argue that the correction has completed.

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 1.5977) 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) 1.5450; (P) 1.5475; (R1) 1.5516; More…

Intraday bias in EUR/AUD remains neutral first. Below 1.5423 will resume the decline from 1.5672 to retest 1.5250 low. On the upside, break of 1.5672 will extend the pattern from 1.5250 with another rising leg. But even in that case, upside should be limited by 38.2% retracement of 1.6827 to 1.5250 at 1.5852. Overall, down trend from 1.9799 is expected to resume after consolidation from 1.5250 completes.

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) 1.6160; (P) 1.6207; (R1) 1.6236; More….

EUR/AUD retreats again after hitting 1.6250. With 4 hour MACD crossed below signal line, intraday bias is turned neutral again. Recent sideway trading is set to extend further. But as long as 1.5984 support holds, further rise is expected. On the upside, break of 1.6357 will resume larger up trend to 1.6587 key resistance next.

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. However, sustained break of 1.5984 will be an early sign of trend reversal.

Daily Pivots: (S1) 1.4125; (P) 1.4172; (R1) 1.4201; More…

EUR/AUD breached 1.4251 minor resistance briefly but failed to sustain above. Intraday bias stays neutral first. Near term outlook stays bearish as the corrective decline from 1.6587 is still in progress. Below 1.4025 will target 1.3671 key support level. We’d expect downside to be contained there to bring reversal. Meanwhile, above 1.4251 minor resistance will turn focus back to 1.4271 resistance.

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 1.4721 resistance will be the first sign of resumption of up trend from 1.1602 and target retesting of 1.6587 high first.

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Daily Pivots: (S1) 1.5699; (P) 1.5779; (R1) 1.5823; More…

Intraday bias in EUR/AUD remains neutral at this point. On the downside, break of 1.5716 will revive the case that rebound from 1.5354 has completed, and bring retest of this support. On the upside, break of 1.6168will resume the rise from 1.5354 to 1.6434 resistance.

In the bigger picture, medium term outlook is 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) 1.6636; (P) 1.6735; (R1) 1.6929; More…

EUR/AUD rebounded strongly after drawing support from 1.6597 key long term support level. A short term bottom is likely formed with firm break of 4 hour 55 EMA, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for 1.7321 resistance first. Break will confirm this case and target 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) 1.6665; (P) 1.6926; (R1) 1.7118; More…

Intraday bias in EUR/AUD is turned neutral first as it retreated after hitting 1.7180. Some consolidations would be seen but downside should be contained above 1.6474 support to bring another rally. On the upside, break of 1.7180 will resume larger up trend to 1.7715 fibonacci projection level next.

In the bigger picture, decisive break of 1.7062 resistance will confirm resumption of whole up trend from 1. 1.4281 (2022 low). Next target is 61.8% projection of 1.4281 to 1.7062 from 1.5996 at 1.7715. For now, further rally is expected as long as 55 D EMA (now at 1.6355) support holds, even in case of deep retreat.

Daily Pivots: (S1) 1.5743; (P) 1.5784; (R1) 1.5808; More…

Intraday bias in EUR/AUD remains neutral for the moment. On the downside, break of 1.5559 will resume the fall from 1.6168 to retest 1.5250/5354 support zone. On the upside, however, break of 1.5898 will argue that pull back form 1.6168 has completed. Intraday bias will be back to the upside for 1.6168 resistance.

In the bigger picture, 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) 1.6731; (P) 1.6762; (R1) 1.6807; More…

Intraday bias in EUR/AUD stays on the upside for retesting 1.7062 resistance. Decisive break there will confirm larger up trend resumption. Next target is 100% projection of 1.5846 to 1.7062 from 1.6319 at 1.7353. On the downside, break of 1.6550 support is needed to indicate completion of the rebound. Otherwise, near term outlook will stay mildly bullish even in case of retreat.

In the bigger picture, the strong support from medium term rising trend line indicates that rise from 1.4281 (2022 low) is still in progress. Sustained break of 1.7062 will pave the way to 61.8% retracement of 1.9799 (2020 high) to 1.4281 at 1.7691. In any case, outlook will stay bullish as long as 1.6319 support holds.

Daily Pivots: (S1) 1.5417; (P) 1.5454; (R1) 1.5519; More…

No change in EUR/AUD’s outlook as deeper fall could be seen to retest 1.5254/71 support zone. Firm break there will carry larger bearish implication and resume the fall from 1.5976. On the upside, above 1.5650 will resume the rebound to 1.5749 resistance.

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) 1.6303; (P) 1.6356; (R1) 1.6404; More…

No change in EUR/AUD’s outlook as corrective fall from 1.6786 minor extend lower. Downside should be contained by 1.6247 resistance turned support to bring rise resumption. On the upside, break of 1.6786 will resume larger up trend. However, firm break of 1.6247 will turn focus back to 1.5894 support instead.

In the bigger picture, outlook remains bullish as up trend from 1.1602 (2012 low) is resuming. Strong support from 55 week EMA indicates medium term bullishness. Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. In any case, break of 1.5894 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

Daily Pivots: (S1) 1.6572; (P) 1.6626; (R1) 1.6692; More…

Intraday bias in EUR/AUD remains on the upside for retesting 1.6742 resistance first. Decisive break there will resume whole rise from 1.6127 and target 1.6844 resistance next. For now, near term outlook will remain cautiously bullish as long as 1.6439 support holds, 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). Break of 1.6844 resistance will argue that this up trend is ready to resume through 1.7062 high. In case of another fall, strong support should be seen around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound.

Daily Pivots: (S1) 1.6456; (P) 1.6492; (R1) 1.6554; More…

EUR/AUD’s rebound from 1.6127 is in progress and intraday bias stays on the upside. Correction from 1.7062 should have completed with three waves down to 1.6127. Further rise should be seen to 1.6844 resistance for confirmation. On the downside, below 1.6456 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.

In the bigger picture, fall from 1.7062 medium term top is seen as correction to the up trend from 1.4281 (2022 low). Break of 1.6844 resistance will argue that this up trend is ready to resume through 1.7062 high. In case of another fall, strong support should be seen around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 bring rebound.

Daily Pivots: (S1) 1.5956; (P) 1.6082; (R1) 1.6153; More…

Intraday bias in EUR/AUD stays on the downside at this point. Current fall from 1.6785 should target 100% projection of 1.6785 to 1.6134 from 1.6513 at 1.5862. On the upside, above 1.6143 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.6513 resistance holds, in case of recovery.

In the bigger picture, a medium term top is possibly in place at 1.6785 already, on bearish divergence condition in D MACD. Fall from there is seen as correcting whole up trend from 1.4281 (2022 low). Deeper decline is expected as long as 1.6513 resistance holds, to 38.2% retracement of 1.4281 to 1.6785 at 1.5828. Strong support could be seen there to complete the first leg of the corrective pattern.

Daily Pivots: (S1) 1.6339; (P) 1.6376; (R1) 1.6406; More…

EUR/AUD is staying in consolidation from 1.6448 and intraday bias remains neutral for the moment. In case of another fall, 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 100% projection of 1.5683 to 1.6262 from 1.6052 at 1.6631 next.

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.

Daily Pivots: (S1) 1.6622; (P) 1.6676; (R1) 1.6781; More…

While EUR/AUD’s rebound from 1.6449 extends, it’s capped below 1.6843 resistance so far. Near term outlook is mixed and intraday bias stays neutral. On the downside, break of 1.6449 will target 1.6319 support first. Firm break there will resume the whole decline from 1.7062. However, above 1.6843 will resume the rebound from 1.6319 towards 1.7062 resistance instead.

In the bigger picture, current development suggests that 1.7062 is already a medium term top. Fall from there is seen as a correction to the up trend from 1.4281 (2022 low). While deeper decline might be seen, strong support should emerge from 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to contain downside. On the other hand, break of 1.6843 resistance will revive medium term bullishness that larger up trend is still in progress.

Daily Pivots: (S1) 1.6327; (P) 1.6379; (R1) 1.6470; More…

Intraday bias in EUR/AUD remains neutral for the moment and consolidation from 1.6448 is still in progress. In case of another fall, 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 100% projection of 1.5683 to 1.6262 from 1.6052 at 1.6631 next.

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.

Daily Pivots: (S1) 1.6229; (P) 1.6327; (R1) 1.6381; More…

EUR/AUD’s pull back from 1.6434 extends lower today, but stays above 1.6182 resistance turned support. Intraday bias remains neutral and another rise is still in favor. On the upside, break of 1.6434 will resume larger rise from 1.5250 to 1.6827 resistance next. On the downside, though, break of 1.6182 will bring deeper pull back towards 1.5898 structural support.

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 dropped further to 1.4508 last week but recovered since then. A short term bottom is probably in place on bullish convergence condition in 4 hour MACD. Initial bias is mildly on the upside for recovery. But upside should be limited below 1.4910 resistance to bring another fall. Break of 1.4508 will target a test on 1.4318 low.

In the bigger picture, rejection by 1.5354 support turned resistance, as well as 55 week EMA (now at 1.5378), maintain medium term bearishness. That is, larger down trend from 1.9799 is not completed yet. 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.

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). This will remain the favored case as long as 55 month EMA (now at 1.5656) holds.

Daily Pivots: (S1) 1.5943; (P) 1.6052; (R1) 1.6112; More…

Intraday bias in EUR/AUD is turned neutral will current retreat. Another rise would be mildly in favor as long as 1.5743 resistance turned support holds. Break of 1.6168 will resume the rise from 1.5354 to 1.6434 high. However, firm break of 1.5743 will indicate that such rebound is over and bring deeper fall back to 1.5250/5354 support zone.

In the bigger picture, medium term outlook is neutral for the moment. Rise from 1.5354 is seen as the third leg of the corrective pattern from 1.5250 low first. Further rise could be seen through 1.6434 towards 38.2% retracement of 1.9799 to 1.5250 at 1.6988. On the downside, however, sustained trading below 55 day EMA (now at 1.5759) will turn focus back to 1.5250 low instead.