EUR/AUD’s rise from 1.6319 continued final week and outlook is unchanged. Preliminary bias stays on the upside this week for retesting 1.7062 resistance. Decisive break there’ll verify bigger up pattern resumption. Subsequent goal is 100% projection of 1.5846 to 1.7062 from 1.6319 at 1.7353. On the draw back, break of 1.6550 assist is required to point completion of the rebound. In any other case, close to time period outlook will keep mildly bullish even in case of retreat.
Within the larger image, the sturdy assist from medium time period rising pattern line signifies that rise from 1.4281 (2022 low) remains to be in progress. Sustained break of 1.7062 will pave the way in which to 61.8% retracement of 1.9799 (2020 excessive) to 1.4281 at 1.7691. In any case, outlook will keep bullish so long as 1.6319 assist 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.
