Corrective Growth Of EUR/AUD Has Resumed
Trading is on the upside, as a corrective bounce from 1.5271 has resumed after overcoming of 1.5556. Further growth is awaited. Pivot points are at: (S1) 1.5500; (P) 1.5547; (R1) 1.5606.
Overcoming of 1.5773 will bring retesting of a maximum 1.6189. Upside should be limited below support turned resistance 1.5773. Trading below 1.5487 will point out completion of the recoil and bring retest of a minimum 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.