EUR/AUD’s rise from 1.4281 prolonged increased final week regardless of some lack of upside momentum. Preliminary bias is on the upside this week for 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823. On the draw back, break of 1.5429 minor assist will flip intraday bias impartial and produce consolidation first, earlier than staging one other rally.
Within the larger image, a medium time period backside needs to be in place at 1.4281, on bullish convergence situation in every day MACD. Additional rise could be seen again to 1.6434 key resistance subsequent. Break of 1.4965 resistance turned assist is required to point reversal. In any other case, additional rally will stay in favor.
In the long term image, break of 55 month EMA (now at 1.5613) raises the possibility of medium time period bullish reversal. Focus is again on 1.6434 cluster resistance, 38.2% retracement of 1.9799 (2020 excessive) to 1.4281 at 1.6389). Sustained break there’ll verify and goal 61.8% retracement at 1.7691.
