EUR/AUD’s fall from 1.7062 resumed final week and hit as little as 1.6319. Outlook is unchanged that this decline is seen as a bigger scale correction. Deeper fall is predicted so long as 1.6650 resistance holds. Subsequent goal is 1.6000 fibonacci stage.
Within the larger image, fall from 1.7062 might be correcting entire up pattern from 1.4281 (2022 low). Deeper decline can be seen to 38.2% retracement of 1.4281 to 1.7062 at 1.6000. Robust assist may very well be seen there to deliver rebound, at the very least on first try. It will stay the favored case so long as 1.6650 resistance holds.
In the long run image, lack of upside momentum as seen in 55 W MACD at this stage argues that rise from 1.4281 (2022 low) is extra seemingly a corrective transfer. Additional rise may nonetheless be seen so long as 1.5846 assist holds. However upside will seemingly be restricted by 61.8% retracement of 1.9799 to 1.4281 at 1.7691. Agency break of 1.5846 assist will argue that the rise has accomplished, and one other medium time period down leg has began.
