EUR/AUD rebounded strongly final week however failed to interrupt via 1.6650 resistance. Preliminary bias stays impartial this week first, and one other decline is in favor. on the draw back, beneath 1.6446 minor help will carry retest of 1.6319. Break there’ll resume the decline from 1.7062 to 1.6000 fibonacci stage. On the upside, agency break of 1.6650 resistance will argue that pull again from 1.7062 has accomplished, after drawing help from medium time period rising development line. Additional rally can be seen again to retest 1.7062.
Within the larger image, fall from 1.7062 might be correcting complete up development from 1.4281 (2022 low). Deeper decline can be seen to 38.2% retracement of 1.4281 to 1.7062 at 1.6000. Sturdy help might be seen there to carry rebound, at the least on first try. It will stay the favored case so long as 1.6650 resistance holds.
In the long term image, lack of upside momentum as seen in 55 W MACD at this stage argues that rise from 1.4281 (2022 low) is extra probably a corrective transfer. Additional rise might nonetheless be seen so long as 1.5846 help holds. However upside will probably be restricted by 61.8% retracement of 1.9799 to 1.4281 at 1.7691. Agency break of 1.5846 help will argue that the rise has accomplished, and one other medium time period down leg has began.
