EUR/AUD: Consolidation Goes On
Character of trading is neutral, as the consolidation from 1.5816 continues. Pivot points are at: (S1) 1.5651; (P) 1.5683; (R1) 1.5740.
Overcoming of 1.5816 will point out resumption of a medium term increase from 1.3264, and the pair will test key long term resistance 1.6587. Break of 1.5606 will point out forming of a short term top, and trading will back to the downside for 55 day EMA (now at 1.5531).
The medium term growth from 1.3624 continues, and break of 1.5770 will widen the growth to retest maximum 1.6587. Overcoming of support 1.4949 will indicate a medium term trend reversal and bring retesting of a minimum 1.3624.