EUR/AUD’s correction from 1.7062 lengthen decrease final week. Preliminary bias stays on the draw back this week for 55 D EMA (now at 1.6621). Robust help might be seen from there to convey rebound. On the upside, break of 1.6887 resistance will recommend that the pull again has accomplished and convey retest of 1.7062 excessive.
Within the larger image, the rise from 1.4281 (2022 low) is in progress. Subsequent goal is 100% projection of 1.5254 to 1.6785 from 1.5846 at 1.7377. For now, outlook will keep bullish so long as 1.5846 help holds, even in case of deep pull again.
In the long term image, it’s nonetheless early to determine if rise from 1.4281 is resuming entire up pattern from 1.1602 (2012 low). However in both case, additional rally is in favor so long as 1.5846 help holds. Subsequent goal is 61.8% retracement of 1.9799 to 1.4281 at 1.7691.
