Daily Currency Outlook: EUR/AUD And EUR/GBP : November 06,2018
ActionForex | Nov 06, 2018 01:40AM ET
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.
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 1.6357 is needed to confirm up trend resumption. Otherwise, risk will now stay on the downside even in case of strong rebound.
h2 EUR/GBP Daily Outlook/h2
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.
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.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.