EUR/AUD: Consolidation Is Expected
Trading is on the upside for 100% projection of 1.5271 to 1.5886 from 1.5601 at 1.6216, which is close to maximum 1.6189. Pivot points are at: (S1) 1.6004; (P) 1.6044; (R1) 1.6103.
Growth of the cross continues and reaches maximum 1.6123. Trading below resistance turn support 1.5953 will become neutral and bring consolidation.
A medium term increase from 1.3624 goes on. Hitting of support 1.5601 will point out a medium term trend reversal, and will bring a test on key support 1.5271. Overcoming of 1.6189 will bring test on 1.6587.