EUR/AUD edged greater to 1.6843 final week however turned sideway since then. Preliminary bias stays impartial this week first. Additional rally is predicted so long as 1.6550 help holds. Above 1.6843 will goal a check on 1.7062 excessive. Agency break there’ll resume bigger up development. Nonetheless, break of 1.6550 help will carry deeper fall again to 1.6319 help as an alternative.
Within the larger image, the robust help from medium time period rising development line signifies that rise from 1.4281 (2022 low) continues 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 help 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 seemingly a corrective transfer. Additional rise may nonetheless be seen so long as 1.5846 help 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 help will argue that the rise has accomplished, and one other medium time period down leg has began.
