EUR/AUD’s fall from 1.6742 prolonged to 1.6368 final week earlier than turning sideway. Preliminary bias stays impartial this week first, however danger will keep on the draw back so long as 1.6516 resistance holds. On the draw back, under 1.6368 will resume the autumn from 1.6742 in the direction of 1.6127 low. However, break of 1.6516 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 a correction to the up pattern from 1.4281 (2022 low). The correction might be nonetheless in progress with fall from 1.6742 because the third leg. Robust assist is anticipated round 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to convey rebound.
In the long run image, worth 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 1.5950) holds, this second leg might nonetheless prolong increased. Nevertheless, sustained buying and selling under 55 M EMA will open up the bearish case for extending the decline by means of 1.4281 low.
