EUR/AUD: Growth Resumption is Expected
Trading of the cross is neutral for consolidation below temporary top 1.6189. Further growth is not ruled out, and trading above minor resistance 1.6084 will back to the upside for 1.6189. Pivot points are at: (S1) 1.6012; (P) 1.6048; (R1) 1.6091.
The pair’s drop from 1.6189 extends lower, but it’s kept above support 1.5857. Trading above 1.6189 will renew recent growth from 1.5153 to key resistance 1.6587. Overcoming of 1.5857 will point out trend reversal. In that case, trading will back to the downside for support 1.5621.
The medium term growth from 1.3624 could extend to retest maximum 1.6587. Upside should be bounded by key resistance 1.6587. Overcoming of support 1.5621 will point out a medium term trend reversal.