EUR/AUD’s sturdy rebound final week revived close to time period bullishness. Speedy focus is on 1.6843 resistance this week. Agency break there’ll resume the rebound from 1.6319 for retesting 1.7062 excessive subsequent. On the draw back, nonetheless, beneath 1.6666 minor help will flip bias again to the draw back for 1.6449 help as a substitute.
Within the larger image, whereas 1.7062 is a medium time period prime, there isn’t any clear signal of development reversal as EUR/AUD continues to attract sturdy help from the medium time period development line. Break of 1.7062 will resume the bigger up development from 1.4281 (2022 low) to 1.7691 fibonacci stage. However, break of 1.6449 help will argue that deeper correction is underway to 38.2% retracement of 1.4281 to 1.7062 at 1.6000.
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 might 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.
