EUR/AUD’s decline from 1.6139 continued lower last week as expected. Initial bias remains on the downside this week for 1.5773 support and possibly below. But for now, price actions from 1.6189 are viewed as a corrective pattern. Hence, we’d expect strong support above 1.5621 to complete the pattern and bring rebound. On the upside, above 1.5966 support turned resistance will turn bias to the upside for 1.6139 and then 1.6189 high.

In the bigger picture, while there is bearish divergence condition in daily MACD, there is no clear sign of reversal yet. Current rally from 1.3624 could extend to 1.6587 key resistance (2015 high). Nonetheless, we’d expect further loss of upside momentum, and strong resistance from 1.6587 to limit upside and bring reversal. On the downside, sustained break of 1.5621 support should confirm reversal and turn outlook bearish for 1.5153 support and below.

In the longer term picture, the rise from 1.1602 long term bottom (2012 low) 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 indicate long term reversal and target 1.1602 long term bottom again.

Daily Pivots: (S1) 1.5374; (P) 1.5463; (R1) 1.5570; More…

Intraday bias in EUR/AUD remains neutral at this point. On the upside, above 1.5650 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) 1.5350; (P) 1.5479; (R1) 1.5567; More…

EUR/AUD breached 1.5412 support briefly but quickly recovered. Intraday bias remains neutral first. On the upside, break of 1.5704 will resume the rally from 1.4281 to 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823. However, on the downside, firm break of 1.5412 minor support will turn bias to the downside for deeper pull back.

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) 1.6266; (P) 1.6315; (R1) 1.6352; More…

With 1.6275 minor support intact, intraday bias in EUR/AUD remains on the upside for t 61.8% projection of 1.5683 to 1.6262 from 1.6052 at 1.6410 first. Break will target 100% projection at 1.6631 next. On the downside, below 1.6275 minor support will turn intraday bias neutral first. But retreat should be contained well above 1.6052 support to bring rise resumption.

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) 1.5486; (P) 1.5551; (R1) 1.5608; More….

EUR/AUD rebounds ahead of 1.5458 support and intraday bias is turned neutral first. Overall, price actions from 1.5770 is seen as a consolidation pattern. In case of another fall, we’d expect strong support above 1.5226 key support to bring rebound. Medium term rally is still expected to resume later and break of 1.5770 will target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first.

In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top (2015 high) has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. We’ll hold on to this bullish view as long as 1.5226 resistance turned support holds. Firm break of 1.6587 will resume long term rise from 1.1602 (2012 low).

Daily Pivots: (S1) 1.6357; (P) 1.6397; (R1) 1.6463; More…

Intraday bias in EUR/AUD stays neutral with focus on 1.5434 key resistance. Decisive break there will carry larger bullish implications. Nevertheless, 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) 1.5618; (P) 1.5652; (R1) 1.5705; More…

EUR/AUD recovered just ahead of 1.5591 support and intraday bias stays neutral for more consolidations. Upside of recovery should be limited by 1.5830 resistance to bring another decline. Break of 1.5591 will target 161.8% projection of 1.6827 to 1.6144 from 1.6420 at 1.5315 next. Though, break of 1.5830 will indicate short term bottoming and turn bias back to the upside for stronger rebound, towards channel resistance (now at 1.5957).

In the bigger picture, current development suggests that price actions from 1.9799 is 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.

Daily Pivots: (S1) 1.5841; (P) 1.5922; (R1) 1.5983; More…

Intraday bias in EUR/AUD stays neutral for the moment. As long as 1.5776 minor support holds, further rise remains mildly in favor. Above 1.6002 will turn bias to the upside for 1.6223 resistance first. However, on the downside, break of 1.5776 will turn bias back to the downside for 1.5559 support instead.

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) 1.5366; (P) 1.5443; (R1) 1.5491; More….

Today’s sharp fall suggests EUR/AUD’s correction from 1.5770 is still in progress. Deeper fall could be seen through 1.5321. But outlook will resume bullish as long as 1.5226 resistance turned support holds. Above 1.5526 minor resistance will turn bias back to the upside for retesting 1.5770 resistance.

In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top (2015 high) has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. We’ll hold on to this bullish view as long as 1.5226 resistance turned support holds. Firm break of 1.6587 will resume long term rise from 1.1602 (2012 low). However, sustained break of 1.5226 will indicate trend reversal and target 1.3624 again.

Daily Pivots: (S1) 1.4158; (P) 1.4224; (R1) 1.4259; More…

EUR/AUD drops sharply after hitting 1.4289 and intraday bias is turned neutral first. Price actions from 1.4025 are viewed as a correction. On the downside, break of 1.4093 will turn bias to the downside for 1.4025 low first. Break will resume the larger fall from 1.6587 to key support level at 1.3671. We’d expect downside to be contained there to bring reversal. Meanwhile, above 1.4289 will target 1.4322/4467 resistance zone first.

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) 1.6128; (P) 1.6170; (R1) 1.6196; More….

Intraday bias in EUR/AUD is mildly on the downside for 1.6051. Correction from 1.6353 is still in progress and would likely extend through 1.6051 support. But still 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) 1.5839; (P) 1.5892; (R1) 1.5984; More…

With 1.5743 support intact, further rise is expected in EUR/AUD. Rebound from 1.5354 will target 161.8% projection of 1.5354 to 1.5743 from 1.5446 at 1.6075 next. On the downside, however, break of 1.5743 resistance turned support will mix up the near term outlook and turn intraday bias neutral first.

In the bigger picture, the strong rebound from 1.5354 invalidates the case of imminent downside breakout, and turn medium term outlook neutral again. Such rise is seen as the third leg of the corrective pattern from 1.5250. Further rally could be seen through 1.6434 resistance. On the downside, however, break of 1.5446 support will turn focus back to 1.5250 low.

Daily Pivots: (S1) 1.5762; (P) 1.5880; (R1) 1.5956; More….

At this point, EUR/AUD is staying in consolidation above 1.5774 and intraday bias remains neutral first. Outlook also stays bearish with 1.6154 resistance intact and further decline is expected. On the downside, break of 1.5774 will resume the fall from 1.6765 and target 1.5346 key support next. On the upside, break of 1.6154 will argue that the pull back has completed. Intraday bias will then be turned back to the upside for retesting 1.6765.

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.

Daily Pivots: (S1) 1.6030; (P) 1.6086; (R1) 1.6131; More…

Intraday bias in EUR/AUD stays on the downside with focus on 1.6033 low. Decisive break there will resume larger down trend from 1.9799. Next near term target is 100% projection of 1.6872 to 1.6122 from 1.6420 at 1.5984. On the upside, above 1.6178 minor resistance will indicate some support from 1.6033 and turn intraday bias neutral first.

In the bigger picture, price action from 1.9799 are seen as developing into a corrective pattern. The question is whether it’s a sideway pattern or a deep correction. On the downside, sustained break of 1.6033 will suggest it’s the latter case and target 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733. On the upside, break of 1.6827 resistance will favor the former case and bring stronger rebound.

Daily Pivots: (S1) 1.5701; (P) 1.5761; (R1) 1.5800; More….

No change in EUR/AUD’s outlook as consolidation from 1.5886 is extending. Intraday bias stays neutral for the moment. With 1.5651 minor support intact, further rise is expected in the cross. On the upside, break of 1.5888 resistance will extend rise from 1.5271 towards 1.6139/89 resistance zone. However, break of 1.5651 cluster support (38.2% retracement of 1.5271 to 1.5886 at 1.5651) will indicate near term reversal and turn bias back to the downside for 1.5271 low.

In the bigger picture, current development suggests that fall from 1.6189 is a corrective move and has completed at 1.5271 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) 1.6238; (P) 1.6320; (R1) 1.6377; More…

Further rally remains mildly in favor in EUR/AUD, as rebound from 1.6127 short term bottom would target 1.6478 resistance. Firm break there will argue that whole correction from 1.7062 has completed, and target 1.6844 resistance for confirmation. Nevertheless, break of 1.6127 will resume the corrective fall to 1.6000 fibonacci level.

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

Daily Pivots: (S1) 1.6276; (P) 1.6316; (R1) 1.6382; More….

EUR/AUD fails to take out 1.6353 resistance so far and intraday bias is turned neutral first. Further rally is expected as long as 1.6175 support holds. Decisive break of 1.6353 will resume larger up trend and target 1.6857 key resistance next. However, break of 1.6175 will dampen the bullish case and extend the consolidation pattern from 1.6353 with another fall.

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.

Daily Pivots: (S1) 1.6450; (P) 1.6591; (R1) 1.6667; More…

Intraday bias in EUR/AUD stays on the downside, as fall from 1.7062 is extending. Deeper decline would be seen to 1.6259 support. Break there will target 1.6000 fibonacci level. On the upside, above 1.6647 support turned resistance will turn intraday bias neutral first.

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) 1.6113; (P) 1.6185; (R1) 1.6249; More….

Intraday bias in EUR/AUD remains neutral at this point. 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) 1.5675; (P) 1.5717; (R1) 1.5767; More….

Intraday bias in EUR/AUD remains neutral at this point. On the upside, above 1.5781 will resume the corrective rebound from 1.5519 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. 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.