Bounce Of EUR/AUD Is Progressing
Considering the fact that the bounce from 1.5271 continues for 55 day EMA (now at 1.5664), trading is on the upside. Trend reversal is not excluded. Pivot points are at: (S1) 1.5380; (P) 1.5447; (R1) 1.5542.
Upside should be limited below support turned resistance 1.5773. Fall from 1.6189 is expected to renew to key support 1.5153, in case of overcoming of 1.5271
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.