EUR/AUD drew support from the near term channel and 55 D EMA (now at 1.7717) and recovered last week. But momentum quickly faded. Initial bias is turned neutral this week first. On the upside, break of 1.8094 will resume the choppy rise from 1.7245 towards 1.8554 high. However, break of 1.7717 support will revive the case that rise from 1.7245 has completed, and turn bias back to the downside for 1.7459 support instead.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. While deeper pullback might be seen, downside should be contained by 38.2% retracement of 1.4281 (2022 low) to 1.8554 at 1.6922 to bring rebound. Up trend from 1.4281 is expected to resume at a later stage.
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 1.6365) holds, this second leg could still extend higher.
 and recovered last week. But momentum quickly faded. Initial bias is turned neutral this week first. On the upside, break of 1.8094 will resume the choppy rise from 1.7245 towards 1.8554 high. However, break of 1.7717 support will revive the case that rise from 1.7245 has completed, and turn bias back to the downside for 1.7459 support instead.){kind=link}