Daily Currency Outlook: EUR/AUD And EUR/JPY : May 03,2018

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6003; (P) 1.6030; (R1) 1.6067;

EUR/AUD’s fall continues today and reaches as low as 1.5910 so far. Intraday bias remains on the downside for 1.5773 support and possibly below. For the moment, price actions from 1.6189 are seen as a consolidation pattern. Hence, downside should be contained above 1.5621 to bring rise resumption. On the upside, above 1.6055 minor resistance will turn bias to the upside for 1.6189 high again.

EUR/AUD 4 Hour Chart

In the bigger picture, while there is bearish pergence condition in daily MACD, there is no clear sign of reversal yet. EUR/AUD also drew strong support from 55 day EMA and rebounded. Current rally from 1.3624 could still extend to 1.6587 key resistance (2015 high). Nonetheless, we’d expect further loss of upside momentum, and strong resistance from 1.6587 to limit upside and bring reversal. On the downside, sustained break of 1.5621 support should confirm reversal and turn outlook bearish for 1.5153 support and below.

EUR/AUD Daily Chart

EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.99; (P) 131.55; (R1) 131.85;

Intraday bias in EUR/JPY remains on the downside as fall from 133.47 is still in progress. As noted before, corrective rise from 128.94 has completed at 133.47 already. Deeper decline is expected to retest 128.94 low next. And, break there will resume whole fall from 137.49. On the upside, above 132.53 minor resistance will delay the bearish case. Intraday bias would be turned to the upside to extend the rebound from 128.94. Still, we expect strong resistance from 61.8% retracement of 137.49 to 128.94 at 134.22 to limit upside and bring near term reversal eventually.

EUR/JPY 4 Hour Chart

In the bigger picture, price action from 137.49 medium term top are developing into a corrective pattern. The first leg has completed at 128.94. The second leg might be finished at 133.47 or it might extend. But after all, we’d expect another decline through 128.94 to 38.2% retracement of 109.03 to 137.49 at 126.61 before completing the correction.

EUR/JPY Daily Chart

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