EUR/AUD stayed in vary of 1.6231/6601 final week and outlook is unchanged. Preliminary bias stays impartial this week first. Additional rally is anticipated with 1.6231 assist intact. Agency break of 1.6601 will solidify the case that corrective fall from 1.6785 has accomplished, and goal a retest on this excessive subsequent.
Within the larger image, with 38.2% retracement of 1.4281 to 1.6785 at 1.5828 intact, rally from 1.4281 remains to be in progress. Agency break of 1.6785 will verify rise resumption. Subsequent goal is 100% projection of 1.5254 to 1.6785 from 1.5846 at 1.7377. Alternatively, rejection by 1.6785 will prolong the corrective sample with one other fall leg. However outlook will keep bullish so long as 1.5828 holds.
In the long run image, it’s nonetheless early to resolve if rise from 1.4281 is resuming entire up pattern from 1.1602 (2012 low). However in both case, additional rally is in favor so long as 1.5254 assist holds. Subsequent goal is 61.8% retracement of 1.9799 to 1.4281 at 1.7691.
