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EUR/AUD Weekly Outlook


EUR/AUD’s rise from 1.5846 resumed final week and hit as excessive as 1.6766. Quick focus is now on 1.6785 resistance this week. Decisive break there’ll affirm resumption of bigger up pattern, and goal 1.7377 projection stage subsequent. On the draw back, break of 1.6577 resistance turned help will flip bias again to the draw back for 1.6259 help, to increase the corrective sample from 1.6785.

Within the greater image, the rise from 1.4281 (2022 low) is in progress. Agency break of 1.6785 will affirm resumption for 100% projection of 1.5254 to 1.6785 from 1.5846 at 1.7377. For now, outlook will keep bullish so long as 1.5846 help holds, even in case of one other pull again.

In the long run 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.

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