Daily Currency Outlook: EUR/AUD And EUR/GBP : October 29,2018

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6032; (P) 1.6111; (R1) 1.6170;

Intraday bias in EUR/AUD remains neutral as range trading continues inside 1.5984/6357. As long as 1.5984 support holds, further rise is still expected. On the upside, break of 1.6357 will resume larger up trend and target 1.6587 key resistance next. On the downside, however, break of 1.5984 will be an early sign of trend reversal and turn outlook bearish.


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. However, sustained break of 1.5984 will be an early sign of trend reversal and turn focus to 1.5601 support for confirmation.


EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8865; (P) 0.8883; (R1) 0.8903;

Intraday bias in EUR/GBP remains on the upside for the moment. Corrective rebound from 0.8722 is still in progress for 61.8% retracement of 0.9097 to 0.8722 at 0.8954 and above. On the downside, break of 0.8798 minor support will turn bias back to the downside for 0.8722 and possibly below.


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.


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