EUR/AUD’s extended rebound last week and breach of 55 D EMA (now at 1.7809) suggests that pullback from 1.8155 has completed 17588, after defending 61.8% retracement of 1.7245 to 1.8155 at 1.7593. Initial bias remains mildly on the upside this week for further rebound to retest 1.8155. On the downside, however, break of 1.7716 will bring deeper fall to retest 1.7588 instead.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Deeper fall could be seen as the pattern extends, but downside should be contained by 38.2% retracement of 1.4281 (2022 low) to 1.8554 at 1.6922 to bring rebound. Uptrend 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 1.6464) holds, this second leg could still extend higher.
 suggests that pullback from 1.8155 has completed 17588, after defending 61.8% retracement of 1.7245 to 1.8155 at 1.7593. Initial bias remains mildly on the upside this week for further rebound to retest 1.8155. On the downside, however, break of 1.7716 will bring deeper fall to retest 1.7588 instead.){kind=link}