Short Term Bottom In EUR/AUD Is Not Ruled Out

Technical Reports

Trading tone is neutral with focus on resistance 1.5529. Pivot points are at: (S1) 1.5291; (P) 1.5350; (R1) 1.5418.

Overcoming of resistance 1.5529 will point out a short term bottoming. Trading below 1.5271 will aline key support 1.5153. Strong support from 1.5153 should bring a recoil.

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.