EUR/AUD Weekly Outlook: Analyzing Key Support and Resistance Levels

Sunday, 21 July 2024, 04:12

The EUR/AUD pair has shown a significant rebound from the 1.5996 level, surpassing the 55-day EMA positioned at 1.6216. This move is viewed as an initial indicator that the prior correction from 1.0762 has concluded, aligning with a three-wave downward pattern to the 1.6000 Fibonacci support. Anticipated further increases this week hinge on maintaining the 1.6171 minor support, with potential resistance at 1.6148. A firm break above this resistance would affirm a bullish scenario, while a dip below 1.6171 could challenge the upward outlook, pushing the pair back towards 1.5996.
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EUR/AUD Weekly Outlook: Analyzing Key Support and Resistance Levels

EUR/AUD Weekly Outlook

The EUR/AUD currency pair has demonstrated an impressive recovery, rebounding from the crucial support level at 1.5996.

Recent Movements

  • Last week's movement showed a break above the 55-day EMA at 1.6216.
  • This development suggests the previous correction from 1.0762 may have completed, characterized by a three-wave decline to 1.6000 Fibonacci support.

Market Expectations

  1. If 1.6171 minor support holds, further rises are anticipated.
  2. Resistance is expected at 1.6148. A decisive break here would support a bullish market outlook.
  3. Conversely, a breach of the 1.6171 minor support would negate the bullish scenario, potentially leading to a retest of 1.5996.

In conclusion, traders should closely monitor these key levels, as the upcoming movements in the EUR/AUD pair may signal important market trends.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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