EUR/AUD: Further Rise Is Expected
Trading tone is neutral, as the cross is staying in a range of 1.5969/5886. Another growth is expected, considering minor support 1.5696. Pivot points are at: (S1) 1.5713; (P) 1.5793; (R1) 1.5834.
Trading above 1.5886 will renew the recoil from 1.5271 to maximum 1.6189. Overcoming of minor support 1.5695 will point out a near term topping. If that happens, focus will be back on support 1.5425 and trading back to the downside.
A medium term increase from 1.3624 continues. Corrective drop from 1.6189 has completed at 1.5217 already. Key support levels of 1.5153 and 38.2% retracement of 1.3624 to 1.6189 at 1.5209 were defended. Overcoming of 1.6189 will aline key resistance 1.6587.