Short Term Bottoming In EUR/AUD
Trading tone is neutral and overcoming of minor resistance 1.5529 suggests a short term bottoming at 1.5271. Trend reversal is not excluded. Pivot points are at: (S1) 1.5380; (P) 1.5447; (R1) 1.5542.
While stronger recoil to 55 day EMA (now at 1.5671) is awaited, upside should be limited below support turned resistance 1.5773. Fall from 1.6189 is expected to renew to key support 1.5153.
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.