EUR/AUD: Recovery Is Progressing

Technical Reports

Trading is neutral for consolidation from 1.6189. The pair is also staying above temporary minimum 1.5774. Pivot points are at: (S1) 1.5813; (P) 1.5852; (R1) 1.5879.

Trading above support turned resistance 1.5962 will back to the upside for 1.6139 and maximum 1.6189. Downside should be contained above 1.5621. Another recoil is awaited.

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.