EUR/AUD Analysis
The downtrend in EUR/AUD has recommenced with the breach of 1.6206, shifting the intraday bias back to the downside. The ongoing descent from 1.7062 is now poised to target the 100% projection of the decline from 1.7062 to 1.6319, calculated from 1.6844, leading to a potential decline to 1.6106. Conversely, surpassing the minor resistance at 1.6319 could momentarily neutralize the intraday bias. However, the downside risk persists as long as the 1.6478 resistance remains unbroken.
Analysis Summary
In Summary, the decline from the medium-term top at 1.7062 is construed as a corrective phase within the overarching uptrend from 1.4281, observed as the low of 2022. A more profound dip could target the 38.2% retracement of the ascent from 1.4281 to 1.7062, resting at 1.6000. Initial attempts may find substantial support, yet the downside risk lingers as long as the 1.6844 resistance remains resilient. A sustained breach of 1.6000 would usher in further descent towards the 61.8% retracement at 1.5343.
Key Points
- EUR/AUD resumes its decline with the breach of 1.6206, signaling a downside bias.
- The ongoing fall from 1.7062 targets 1.6106, based on a 100% projection from 1.7062 to 1.6319.
- In the broader perspective, the corrective decline may find support at 1.6000, but the bearish risk persists below 1.6844.
