Daily Forex Analysis – EUR/AUD
The EUR/AUD currency pair is moving on a neutral path. A decisive surge past the resistance at 1.6654 might indicate that the pullback from 1.7066 has found its closure, notably with the support of a medium-term upward trendline. Should this scenario unfold, we could anticipate a rally back toward the 1.7066 mark. However, a dip beneath 1.6323 could potentially usher in a decline aiming for the 1.6004 Fibonacci level.
Looking at a broader perspective, the descent from 1.7066 appears to be a corrective phase of the overarching bullish trajectory that began from 1.4285, marked as the 2022 low. A more profound decline could target the 38.2% retracement set at 1.6004. Yet, this region promises to offer robust support, likely triggering a rebound, especially during its initial approach. The forthcoming market developments hinge critically on whether the 1.6654 resistance remains unbroken.
Analysis Summary
The EUR/AUD is at a crossroads. A breach above 1.6654 could retrace steps to 1.7066 while slipping below 1.6323 might beckon a decline to 1.6004. This Fibonacci level might offer staunch support, potentially spurring a recovery.
Key Points
- EUR/AUD contemplates the next move, with eyes on 1.6654 resistance.
- A decline could target the 1.6004 Fibonacci support.
- The broader trend might see a rebound at 1.6004, contingent on resistance at 1.6654.
