EUR/AUD edged decrease to 1.6267 final week however recovered since then. Preliminary bias stays impartial this week for extra consolidations. However outlook will keep bearish so long as 1.6515 resistance holds. On the draw back, break of 1.6267 will resume the entire decline from 1.7062 to 100% projection of 1.7062 to 1.6319 from 1.6844 at 1.6106 subsequent. Nevertheless, break of 1.6515 resistance will flip bias again to the upside for stronger rebound.
Within the greater image, fall from 1.7062 medium time period prime is seen as correcting the entire up development from 1.4281 (2022 low). Deeper decline could be seen to 38.2% retracement of 1.4281 to 1.7062 at 1.6000. Robust help may very well be seen there to convey rebound on first try. However threat will keep on the draw back so long as 1.6844 resistance holds. Sustained break of 1.6000 would convey additional fall to 61.8% retracement at 1.5343.
In the long term image, fall from 1.9799 (2020 excessive) is seen as a long run decline on the similar scale because the rise from 1.1602 (2012 low). Rebound from 1.4281 is seen because the second leg. So long as 55 M EMA (now at 1.5846) holds, this second leg may nonetheless lengthen larger. Nevertheless, sustained buying and selling under 55 M EMA will open up the bearish case for extending the decline by way of 1.4281 low.
