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EUR/AUD Weekly Outlook


EUR/AUD dipped to 1.6231 final week however shortly rebounded after drawing help from 1.6247. Preliminary bias stays impartial first and outlook stays mildly bullish. Correction from 1.6785 ought to have accomplished with three waves all the way down to 1.5846. Above 1.6552 will goal a retest on 1.6785 excessive subsequent. Nonetheless, on the draw back, agency break of 1.6231 will dampen this view and switch bias to the draw back for 1.5846 help.

Within the greater image, with 38.2% retracement of 1.4281 to 1.6785 at 1.5828 intact, rally from 1.4281 continues to be in progress. Agency break of 1.6785 will affirm rise resumption. Subsequent goal is 100% projection of 1.5254 to 1.6785 from 1.5846 at 1.7377. Then again, rejection by 1.6785 will lengthen the corrective sample with one other fall leg. However outlook will keep bullish so long as 1.5828 holds.

In the long term image, it’s nonetheless early to determine if rise from 1.4281 is resuming complete up pattern from 1.1602 (2012 low). However in both case, additional rally is in favor so long as 1.5254 help holds. Subsequent goal is 61.8% retracement of 1.9799 to 1.4281 at 1.7691.

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