EUR/AUD’s rise from 1.5846 resumed last week and hit as high as 1.6766. Immediate focus is now on 1.6785 resistance this week. Decisive break there will confirm resumption of larger up trend, and target 1.7377 projection level next. On the downside, break of 1.6577 resistance turned support will turn bias back to the downside for 1.6259 support, to extend the corrective pattern from 1.6785.
In the bigger picture, the rise from 1.4281 (2022 low) is in progress. Firm break of 1.6785 will confirm resumption for 100% projection of 1.5254 to 1.6785 from 1.5846 at 1.7377. For now, outlook will stay bullish as long as 1.5846 support holds, even in case of another pull back.
In the longer term picture, it’s still early to decide if rise from 1.4281 is resuming whole up trend from 1.1602 (2012 low). But in either case, further rally is in favor as long as 1.5846 support holds. Next target is 61.8% retracement of 1.9799 to 1.4281 at 1.7691.
