EUR/AUD’s rebound from 1.4281 resumed final week and accelerated to shut strongly at 1.5310. Preliminary bias stays on the upside this week for 100% projection of 1.4281 to 1.4965 from 1.4716 at 1.5400, which is near 1.5396 key resistance. Agency break there’ll carry bigger bullish implication. Subsequent goal is 161.8% projection at 1.5823. On the draw back, beneath 1.5132 minor help will flip intraday bias impartial first.
Within the larger image, present growth raises the prospect of medium time period bottoming at at 1.4281, on bullish convergence situation in day by day MACD. Agency break of 1.5396 will carry stronger rally again to 1.6434 key resistance subsequent. However, rejection by 1.5396 will preserve medium time period bearishness for one more fall by means of 1.4281 at a later stage.
In the long term image, so long as 55 month EMA (now at 1.5610) holds, the down pattern from 1.9799 (2020 excessive) may nonetheless lengthen to 1.3624 long run help, and beneath. Nonetheless, sustained buying and selling above 55 month EMA will elevate the prospect that this down pattern was over. Additional break of 1.6434 resistance ought to affirm medium time period bullish reversal.
