Drop Of EUR/AUD Is In Progress
Trading is on the downside for key support level 1.5153. Running fall from 1.6189 goes on. Pivot points are at: (S1) 1.5233; (P) 1.5335; (R1) 1.5396.
Overcoming of resistance 1.5529 will point out a short term bottoming. The pair’s forecast will stay bearish in case of recovery.
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.