EUR/AUD Has Lost Upside Impulse
Trading is neutral, as the cross lost upside momentum after reaching 1.5556. It is expected, that a corrective growth from 1.5271 will prolong. Pivot points are at: (S1) 1.5468; (P) 1.5498; (R1) 1.5514.
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.