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Daily Currency Outlook: EUR/AUD And EUR/GBP : November 06,2018

Daily Currency Outlook: EUR/AUD And EUR/GBP : November 06,2018

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5789; (P) 1.5826; (R1) 1.5859;

EUR/AUD is staying in consolidation from 1.5742 and intraday bias remains neutral first. As noted before, prior break of 1.5984 support is taken as an early sign of medium term trend reversal. On the downside, break of 1.5742 will target 1.5601 key support. Decisive break there will pave the way to 1.5271/5313 cluster support zone next. In case of another recovery, upside should be limited by 1.5984 support turned resistance to bring fall resumption.

EUR/AUD

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 pergence 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 1.6357 is needed to confirm up trend resumption. Otherwise, risk will now stay on the downside even in case of strong rebound.

EUR/AUD

EUR/GBP Daily Outlook

Intraday bias in EUR/GBP remains on the downside for 0.8722 support. Break there will resume whole decline from 0.9097 and target 0.8620 support next. On the upside, above 0.8800 minor resistance will turn intraday bias neutral first. But another fall is in favor as long as 0.8939 resistance holds.

EURGBP

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). On the downside, break of 0.8722 will extend the falling leg through 0.8620 support. On the upside, break of 0.9097 will target 0.9304 resistance instead.

EURGBP

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