Sideway Consolidation In EUR/AUD
Trading tone is neutral, as the cross is limited in the sideway consolidation from 1.5886. Further growth is expected, considering minor support 1.5651. Pivot points are at: (S1) 1.5752; (P) 1.5787; (R1) 1.5834.
Trading above resistance 1.5888 will widen the recoil from 1.5271 to resistance zone 1.6139/89. Overcoming of 1.5651 cluster support (38.2% retracement of 1.5271 to 1.5886 at 1.5651) will point out a near term reversal. In that case, trading will back to the downside for low 1.5271.
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.