Daily Currency Outlook: USD/CAD And USD/JPY : October 23,2018

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6151; (P) 1.6189; (R1) 1.6226;

At this point, intraday bias in EUR/AUD remains mildly on the upside for retesting 1.6357 resistance first. Firm break there will resume larger up trend for 1.6587 key resistance next. On the downside, even in case of another fall, outlook will stay bullish as long as 1.5984 support holds.


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.


EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8813; (P) 0.8836; (R1) 0.8865;

Intraday bias in EUR/GBP remains mildly on the upside with 0.8801 minor support intact. Whole fall from 0.9097 might be completed. Rebound from 0.8722 should target 38.2% retracement of 0.9097 to 0.8722 at 0.8865. Break will pave the way to 61.8% retracement at 0.8954 and above. On the downside, however, break of 0.8801 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). Current development suggests that fall from 0.9303, as a down leg in the pattern, is still in progress. But in case of deeper fall, downside should be contained by 0.8116 cluster support, 50% retracement of 0.6935 (2015 low) to 0.9304 at 0.8120, to bring rebound. On the upside, break of 0.9097 will target 0.9304 resistance instead.


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