Daily Currency Outlook: EUR/AUD And EUR/GBP : September 13,2018
ActionForex | Sep 13, 2018 05:26AM ET
Daily Pivots: (S1) 1.6159; (P) 1.6250; (R1) 1.6303;
Intraday bias in EUR/AUD remains on the downside. Pull back from 1.6353 short term top could extend to 38.2% retracement of 1.5601 to 1.6353 at 1.6066. But downside should be contained well above 1.5886 cluster support (61.8% retracement at 1.5888) to bring rise resumption. On the upside, break of 1.6353 will resume larger up trend to 1.6587 key resistance level.
In the bigger picture, up trend from 1.3624 (2017 low) has just resumed. 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 1.5601 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.
h2 EUR/GBP Daily Outlook/h2
Daily Pivots: (S1) 0.8885; (P) 0.8913; (R1) 0.8937;
Intraday bias in EUR/GBP is turned neutral as the consolidation from 0.8875 temporary might extend further. But upside of recovery should be limited well below 0.9051 resistance to bring another decline. As noted before, whole corrective rise from 0.8620 could have finished at 0.9097 already. Below 0.8875 will target 61.8% retracement of 0.8620 to 0.9097 at 0.8802 and below.
In the bigger picture, EUR/GBP is staying in long term range pattern from 0.9304 (2016 high). At this point, there is no clear sign of range break out yet. And more corrective trading would continue. On the upside, in case of another rise, we’d stay cautious on strong resistance from 0.9304/5 to limit upside in case of further rally. Meanwhile, if there is another medium term decline, strong support will likely be seen from 0.8303 to contain downside.
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