EUR/AUD’s up trend resumed last week and accelerated to as high as 1.8290. There is no sign of topping yet. Initial bias stays on the upside for 161.8% projection of 1.6355 to 1.7417 from 1.7047 at 1.8765 next. On the downside, below 1.7965 minor support will turn bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, up trend from 1.4281 (2022 low) is in progress, and in reacceleration phase as seen in W MACD. Next target is 100% projection of 1.4281 to 1.7062 from 1.5963 at 1.8744. Outlook will remain bullish as long as 1.7062 resistance turned support holds (2023 high) even in case of deep pullback.
In the longer term picture, rise from 1.4281 is seen as the second leg of the pattern from 1.9799 (2020 high), which is part of the pattern from 2.1127 (2008 high). As long as 55 M EMA (now at 1.6213) holds, this second leg could still extend higher. However, firm break of the above mention 1.8744 projection level with strong momentum, will argue that it’s indeed resuming the up trend form 1.1602 (2012 low).
