EUR/AUD: Bounce Has Completed

Technical Reports

Trading is on the downside, as the bounce from 1.5271 could have completed at 1.5888 already. Pivot points are at: (S1) 1.5592; (P) 1.5672; (R1) 1.5720.

Trading above minor resistance 1.5749 will back to the upside for 1.5888. The drop could extend to 61.8% retracement of 1.5271 to 1.5888 at 1.5507. Break of that zone will bring retest of a low 1.5271.

A medium term increase from 1.3624 is expected to continue through maximum 1.6189 to key resistance 1.6587. Overcoming of 1.5271 will complete a head and shoulder top pattern (ls: 1.5770, h: 1.6189, rs: 1.5888). In that case, a medium term trend reversal will occur.