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EUR/AUD’s rise from 1.4421 resumed by taking out 1.4964 last week. Overall bullish near term outlook is unchanged. That is, correction from 1.5226 should have completed with three waves down to 1.4421 already. Initial bias remains on the upside this week for 1.5073 resistance first. Firm break there will likely resume the rise from 1.3624 and target 61.8% projection of 1.3624 to 1.5226 from 1.4421 at 1.5411 next. On the downside, however, break of 1.4824 support will dampen our bullish view and turn bias back to the downside for 1.4564 support instead.

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