Downside Trading of EUR/AUD
Trading is on the downside. The decline from 1.6139 is a consolidation from 1.6189. Growth resumption is expected. Pivot points are at: (S1) 1.6003; (P) 1.6030; (R1) 1.6067.
Trading above 1.6139 will aline maximum 1.6189. While deeper fall to support 1.5773 is possible, downside should be contained above 1.5621.
A medium term trend reversal is widely awaited. The cross got a strong support from 55 day EMA and rebounded. Running increase from 1.3624 could prolong to key resistance 1.6587. Still, upside should be bounded by strong resistance from 1.6587.