EUR/AUD: More Consolidation Is Expected
Stance of trading is neutral for consolidation from 1.5314. Further recovery is awaited. Pivot points are at: (S1) 1.5392; (P) 1.5428; (R1) 1.5485.
Trading below 1.5314 will point out resumption of a fall from 1.6189 to key support level 1.5153. Upside should be bounded by 38.2% retracement of 1.6139 to 1.5314 at 1.5269.
A medium term top should be formed at 1.6189, as growth from 1.3624 should have completed at 1.6189 already, ahead of key resistance 1.6587. While deeper drop is awaited to 38.2% retracement of 1.3624 to 1.6189 at 1.5209, bottoming is possible below 1.4604. Still, overcoming of support turned resistance 1.5773 will point out completion of the decline from 1.6189.