Daily Pivots: (S1) 1.5593; (P) 1.5657; (R1) 1.5702; More…

EUR/AUD’s decline resumed after brief consolidation and intraday bias is back on the downside. Current fall from 1.6434 should target 161.8% projection of 1.6434 to 1.5907 from 1.6232 at 1.5379 next. On the upside, above 1.5753 minor resistance will turn intraday bias neutral again. But near term outlook will remain bearish as long as 1.5907 support turned resistance holds.

In the bigger picture, rise from 1.5250 medium term bottom is seen as a correction to the down trend from 1.9799 (2020 high) only. With 38.2% retracement of 1.9799 to 1.5250 at 1.6988 intact, such down trend is expected to resume at a later stage. Firm break of 1.5250 will target 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733. In any case, sustained break of 1.6988 fibonacci level is needed to indicate long term reversal.

Daily Pivots: (S1) 1.6881; (P) 1.6919; (R1) 1.6972; More…

EUR/AUD’s rally continues and intraday bias stays on the upside. Current rally is part of the up trend from 1.4281. Next target is 1.7377 projection level next. On the downside, break 1.6737 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

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) 1.5712; (P) 1.5756; (R1) 1.5817; More….

EUR/AUD surges to as high as 1.5863 so far today and intraday bias remains on the upside for 1.5886/8 resistance. Firm break there will resume the rise from 1.5271 and target 61.8% projection of 1.5271 to 1.5886 from 1.5601 at 1.5981 first. Break will target 100% projection at 1.6216, which is close to 1.6189 high. On the downside, below 1.5755 minor support will turn intraday bias neutral first.

In the bigger picture, the rebound from 1.5271 was somewhat weaker than expected. EUR/AUD. But there is no confirmation of completion. Break of 1.5888 will likely target 1.6189 and above to resume the medium term rally from 1.3624 (2017 low). This will be the favored case as long as 1.5271 support holds.

Daily Pivots: (S1) 1.5367; (P) 1.5532; (R1) 1.5635; More….

As noted before, the corrective rebound from 1.5271 should have completed at 1.5690 already. Deeper fall is expected in EUR/AUD to retest 1.5271 first. Break will resume whole decline from 1.6189 to 1.5153 key support. In case of another rise, we’d continue to expect strong resistance from 1.5773 support turned resistance to limit upside.

In the bigger picture, rally from 1.3624 (2017 low) should have completed at 1.6189 already, ahead of 1.6587 key resistance (2015 high). 1.6189 is seen as a medium term top. Deeper fall would be seen to 38.2% retracement of 1.3624 to 1.6189 at 1.5209 first. Decisive break there will pave the way to 61.8% retracement at 1.4604. In that case, we’ll look for bottoming again below 1.4604. On the upside, firm break of 1.5773 support turned resistance is needed to indicate completion of the fall from 1.6189. Otherwise, further decline is expected in medium term, even in case of strong rebound.

EUR/AUD gyrated lower as correction from 1.5704 extended last week. Initial bias stays neutral this week first and deeper fall cannot be ruled out. But downside should contained by 55 day EMA (now at 1.5199) to bring rebound. On the upside, break of 1.5704 will resume the rally from 1.4281.

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.

In the longer term picture, breach of 55 month EMA (now at 1.5613) raises the chance of medium term bullish reversal. Focus is back on 1.6434 cluster resistance, 38.2% retracement of 1.9799 (2020 high) to 1.4281 at 1.6389). Sustained break there will confirm and target 61.8% retracement at 1.7691.

Daily Pivots: (S1) 1.6189; (P) 1.6224; (R1) 1.6264; More….

EUR/AU’s sharp fall indicates temporary topping at 1.6252 and intraday bias is turned neutral. On the downside, break of 1.6051 will extend the correction from 1.6353. But downside should be contained well above 1.5886 cluster support (61.8% retracement of 1.5601 to 1.6353 at 1.5888) to bring rise resumption. On the upside, above 1.6252 will target a retest on 1.6353. Break there will resume larger up trend and should target 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 1.5886 resistance turned support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.

Daily Pivots: (S1) 1.4722; (P) 1.4833; (R1) 1.4901; More…

Intraday bias in EUR/AUD is turned neutral again as recovery from 1.4533 lost momentum. Overall, it’s seen as in consolidation from 1.4561. As long as 1.5327 resistance holds, larger down trend is still expected to continue. Break of 1.4533 will confirm down trend resumption for 1.3624 long term support.

In the bigger picture, fall from 1.9799 is seen as a long term impulsive move. 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). Some support could be seen there to bring interim rebound. But overall, break of 1.5354 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.

Daily Pivots: (S1) 1.5161; (P) 1.5197; (R1) 1.5258; More….

EUR/AUD is still bounded in consolidation from 1.5392 and intraday bias remains neutral at this point. As long as 1.4949 support holds, outlook remains bullish and further rise is in favor. Break of 1.5392 will resume medium term rise from 1.3624 and target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first. However, decisive break of 1.4949 will carry larger bearish implication and turn bias to the downside.

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. However, break of 1.4949 support will dampen our view and argue that rise from 1.3624 has completed. In that case, EUR/AUD would turn southward for retesting 1.3624 low.

Daily Pivots: (S1) 1.6502; (P) 1.6560; (R1) 1.6648; More…

Intraday bias in EUR/AUD stays mildly on the upside at this point. Rise from 1.6368 would target 1.6677 resistance next. Break there will confirm that correction from 1.6742 has completed, and bring further rally through this high. On the downside, though, below 1.6511 minor support will turn intraday bias neutral again first.

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). The correction is probably still in progress with fall from 1.6742 as the third leg. Strong support is expected around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound.

Daily Pivots: (S1) 1.4595; (P) 1.4654; (R1) 1.4699; More…

Intraday bias in EUR/AUD remains on the downside for 1.4561 support. Firm break there will resume larger down trend from 1.9799. On the upside, however, break of 1.4986 minor resistance will turn bias back to the upside, and extend the pattern from 1.4561 will another rising leg.

In the bigger picture, fall from 1.9799 is seen as a long term impulsive move. 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). Some support could be seen there to bring interim rebound. But overall, break of 1.5354 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.

Daily Pivots: (S1) 1.6075; (P) 1.6144; (R1) 1.6201; More…

EUR/AUD’s fall from 1.6593 is still in progress. With 1.6106 support broken, intraday bias stays on the downside for retesting 1.5962 low next. On the upside, above 1.6212 minor resistance will turn bias back to the upside for recovery instead.

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) 1.6411; (P) 1.6465; (R1) 1.6509; More…

No change in EUR/AUD as consolidation is still in progress. Intraday bias stays neutral for the moment. Outlook stays bearish with 1.6772 resistance intact and further decline is expected. On the downside, firm break of 1.6033 will resume the fall from 1.9799 for next support level at 1.5346. On the upside, however, break of 1.6772 resistance 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) 1.6353; (P) 1.6387; (R1) 1.6433; More…

No change in EUR/AUD’s outlook. Corrective fall from 1.6786 might extend. But downside should be contained by 1.6247 resistance turned support to bring rise resumption. On the upside, above 1.6594 minor resistance will turn bias back to the upside for retesting 1.6786 resistance first. Break 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) 1.5617; (P) 1.5656; (R1) 1.5684; More…

EUR/AUD formed a temporary low at 1.5610 and turned sideway. Intraday bias is turned neutral first, but further decline is expected with 1.5898 resistance intact. As noted before, rebound from 1.5354 should have completed with three waves up to 1.6168. Break of 1.5610 will target 1.5250/5354 support zone.

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) 1.6499; (P) 1.6588; (R1) 1.6633; More…

Intraday bias in EUR/AUD is turned neutral first with current retreat. Some consolidations would be seen below 1.6671 temporary top. But further rally will remain in favor as long as 0.6318 support holds. Correction from 1.7062 should have completed with three waves down to 1.6127. Above 1.6671 will target 1.6844 resistance for confirmation.

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.

EUR/AUD’s decline last week suggest that corrective rebound from 1.5591 has completed at 1.5945, after rejection by falling channel resistance. Initial bias stays on the downside this week for retesting 1.5591 low first. Break there will resume larger down trend and target 61.8% projection of 1.6409 to 1.5591 from 1.5945 at 1.5439. On the upside, however, break of 1.5945 resistance will resume the rebound from 1.5591 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 1.6827 resistance holds, even in case of strong rebound.

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 1.5847) now further affirms this case could bring deeper decline to 1.1602/3624 support zone.

Daily Pivots: (S1) 1.6059; (P) 1.6093; (R1) 1.6138; More…

Intraday bias in EUR/AUD remains neutral and outlook is unchanged. We’d expect 38.2% retracement of 1.5683 to 1.6262 at 1.6041 to contain downside to complete the consolidation from 1.6262. Correction from 1.6765 has completed with three waves down to 1.5683. On the upside, break of 1.6262 will pave the way to retest 1.6765 high. However, firm break of 1.6041 will dampen this view and bring deeper fall to 61.8% retracement at 1.5904.

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, with bearish divergence condition in weekly MACD, and turn outlook bearish.

Daily Pivots: (S1) 1.5909; (P) 1.5973; (R1) 1.6015; More…

EUR/AUD’s break of 1.5925 support suggests short term topping at 1.6182. Intraday bias is back on the downside for 55 day EMA (now at 1.5901) first. Sustained break there will argue that choppy corrective rebound from 1.5250 has completed. Deeper fall would be seen to 1.5614 structural support for confirmation. On the upside, above 1.6035 minor resistance will turn bias back to the upside for retesting 1.6182 high instead.

In the bigger picture, a medium term bottom was formed at 1.5250, on bullish convergence condition in daily MACD. Rise from 1.5250 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 1.5614 support will indicate that the rebound has completed and bring retest of 1.5250 low.

Daily Pivots: (S1) 1.5649; (P) 1.5740; (R1) 1.5794; More…

Intraday bias in EUR/AUD remains neutral for the moment. On the downside, break of 1.5655 will resume the fall from 1.6168 to retest 1.5253/5254 support zone. On the upside, however, break of will turn bias back to the upside for retesting 1.6168 first. Break there will resume rise from 1.5354 to 1.6434 resistance.

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.

EUR/AUD stayed in consolidation in range of 1.6348/6671 last week and outlook is unchanged. Initial bias stays neutral this week first. On the upside, decisive break of 1.6671 will revive the case that whole correction from 1.7062 has completed with three waves down to 1.6127. Further rally should then be seen to 1.6844 resistance for confirmation. Nevertheless, break of 1.6438 will bring deeper fall back to 1.6127 support 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). 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.

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 1.5905) 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.