Daily Currency Outlook: EUR/AUD And EUR/GBP : June 21,2018
ActionForex | Jun 21, 2018 06:45AM ET
Daily Pivots: (S1) 1.5644; (P) 1.5684; (R1) 1.5750;
Intraday bias in EUR/AUD remains neutral at this point. On the downside, break of 1.5601 minor support will turn bias to the downside for 1.5425. Break there will confirm completion of rebound from 1.5271 and target this low again. Meanwhile, sustained break of 1.5773 will indicate that whole decline from 1.6189 has completed with three waves down to 1.5271 already. And retest of 1.6189 should be seen next.
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h2 EUR/GBP Daily Outlook/h2
Daily Pivots: (S1) 0.8771; (P) 0.8787; (R1) 0.8805;
EUR/GBP remains bounded in range of 0.8693/8844. Intraday bias stays neutral first. With 0.8693 minor support intact, we’d favor another rise. On the upside, break of 0.8844 will resume the rebound from 0.8620 for 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963). However, break of 0.8693 will bring deeper fall back to retest 0.8620 low.
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In the bigger picture, for now, the decline from 0.9305 is seen as a leg inside the long term consolidation pattern from 0.9304 (2016 high). Such consolidation pattern could extend further. Hence, in case of strong rally, we’d be cautious on strong resistance by 0.9304/5 to limit upside. Meanwhile, in another decline attempt, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.
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