EUR/AUD stayed in consolidation in vary of 1.6439/6742 final week and outlook is unchanged. Preliminary bias stays impartial this week first. Close to time period outlook will keep cautiously bullish so long as 1.6439 assist holds. On the upside, above 1.6677 will goal 1.6742 first. Decisive break there’ll resume entire rise from 1.6127 and goal 1.6844 resistance subsequent.
Within the greater image, fall from 1.7062 medium time period prime is seen as a correction to the up development from 1.4281 (2022 low). Break of 1.6844 resistance will argue that this up development is able to resume via 1.7062 excessive. In case of one other fall, robust assist must be seen round 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to carry rebound.
In the long run image, value actions from 1.9799 (2020 excessive) are 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 1.5932) holds, this second leg may nonetheless prolong greater. Nonetheless, sustained buying and selling beneath 55 M EMA will open up the bearish case for extending the decline via 1.4281 low.
