EUR/AUD: Drop Resumption Is Not Excluded
Trading is neutral for consolidation. Trading below 1.5578 will renew the drop from 1.5888 to 61.8% retracement of 1.5271 to 1.5888 at 1.5507. Pivot points are at: (S1) 1.5593; (P) 1.5627; (R1) 1.5668.
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.