EUR/AUD’s fall from 1.6844 prolonged decrease final week and the event argues that rebound from 1.6449 has accomplished already. Additional decline is now anticipated this week so long as 1.6694 resistance holds. Agency break of 1.6449 assist will argue that the sample from 1.6319 has accomplished at 1.6844 as a corrective transfer, and fall from 1.7062 is able to resume via 1.6319. On the upside, above 1.6694 minor resistance will flip intraday bias impartial first.
Within the larger image, whereas 1.7062 is a medium time period prime, there isn’t any clear signal of pattern reversal as EUR/AUD continues to attract sturdy assist from the medium time period pattern line. Break of 1.7062 will resume the bigger up pattern from 1.4281 (2022 low) to 1.7691 fibonacci stage. Nonetheless, break of 1.6449 assist 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 probably a corrective transfer. Additional rise may nonetheless be seen so long as 1.5846 assist 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 assist will argue that the rise has accomplished, and one other medium time period down leg has began.
