Price Move In EUR/AUD Is A Consolidation

Technical Reports

Trading is on the downside for support 1.5773, as the decline from 1.6139 continues and reaches 1.5910. Growth resumption is expected. Pivot points are at: (S1) 1.6003; (P) 1.6030; (R1) 1.6067.

Price moves from 1.6189 are a consolidative. Trading above minor resistance 1.6055 will back to the upside for 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.