EUR/AUD’s robust rebound from 1.6368 prolonged greater final week and the event argues that fall from 1.6742 has accomplished with three waves all the way down to 1.6368. Preliminary bias stays on the upside this week for retesting 1.6742 subsequent. On the draw back, nonetheless, break of 1.6534 will flip bias again to the draw back for retesting 1.6368 help as an alternative.
Within the greater image, fall from 1.7062 medium time period high is seen as a correction to the up development from 1.4281 (2022 low). In case of one other fall, robust help is anticipated round 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to carry rebound. Break of 1.7062 is in favor as a later stage.
In the long term image, worth actions from 1.9799 (2020 excessive) are seen as a long run decline on the identical 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 greater. Nonetheless, sustained buying and selling beneath 55 M EMA will open up the bearish case for extending the decline by way of 1.4281 low.
