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EUR/AUD Weekly Outlook


EUR/AUD became consolidation under 1.4965 final week. Preliminary bias stays impartial this week first. Additional rally is in favor an extended as 1.4663 minor help holds. On the upside, break of 1.4965 will resume the rise from 1.4281 in direction of 1.5396 resistance. On the draw back, nevertheless, break of 1.4663 minor help will flip bias again to the draw back for retesting 1.4281 low.

Within the greater image, down pattern from 1.9799 remains to be in progress. Break of 1.4318 low will goal 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is near 1.3624 long run help (2017 low). This may stay the favored case now so long as 1.5396 resistance holds.

In the long run image, fall from 1.9799 (2020 excessive) is seen because the third leg of the sample from 2.1127 (2008 excessive). Deeper fall needs to be seen to 1.3624 help. Decisive break there would pave the best way again to 1.1602 (2012 low). This may stay the favored case so long as 55 month EMA (now at 1.5588) holds.

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