Recovery In EUR/AUD

Technical Reports

Trading is neutral for consolidation above temporary low 1.5578. Trading below 1.5578 will aline 61.8% retracement of 1.5271 to 1.5888 at 1.5507. Pivot points are at: (S1) 1.5592; (P) 1.5634; (R1) 1.5661.

Recovery should be bounded by 4 hour 55 EMA (now at 1.5685). Overcoming of 61.8% retracement of 1.5271 to 1.5888 at 1.5507 will bring retest of a low 1.5271. Another fall is not excluded.

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.