EUR/AUD’s fall from 1.7062 prolonged decrease final week and the event argues that it’s already in a bigger scale correction. Preliminary bias stays on the draw back this week first. Deeper fall can be seen to 1.6000 fibonacci stage. On the upside, above 1.6647 help turned resistance will flip intraday bias impartial. However threat will keep on the draw back so long as 1.7062 resistance holds.
Within the greater image, present growth argues that fall from 1.7062 might be correcting entire up pattern from 1.4281. Deeper decline can be seen to 38.2% retracement of 1.4281 to 1.7062 at 1.6000. Robust help ought to be seen there to deliver rebound, at the least on first try.
In the long term 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 1.5846 help holds. Subsequent goal is 61.8% retracement of 1.9799 to 1.4281 at 1.7691.
