EUR/AUD’s correction from 1.9799 continued last week and outlook is unchanged. Deeper fall cannot be ruled out this week. But downside should be contained by 61.8% retracement of 1.6085 to 1.9799 at 1.7504 to bring rebound. On the upside, break of 1.8571 minor resistance will turn bias to the upside for retesting 1.9799 high first.

In the bigger picture, up trend from 1.1602 (2012 low) is in progress and further rally would be seen to 2.1127 (2008 high) and possibly to 161.8% projection of 1.1602 to 1.6597 from 1.3524 at 2.1706. On the downside, for now, touching of 1.6597 resistance turned support (2015 high) is needed to indicate medium term reversal. Otherwise, outlook will stay bullish even in case of deep pull back.

- advertisement -

In the longer term picture, the rise from 1.1602 long term bottom (2012 low) is still in progress next target would be the resistance zone between 2.1127 (2008 high) and 161.8% projection of 1.1602 to 1.6597 from 1.3524 at 2.1706.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.