EUR/AUD: Correction Could Extend

Technical Reports

Trading is neutral, as a temporary top was formed at 1.6252. Break of 1.6051 will extend the correction from 1.6353. Pivot points are at: (S1) 1.6113; (P) 1.6185; (R1) 1.6249.

Overcoming of resistance 1.6353 will point out resumption of a larger uptrend to key resistance 1.6587. Downside should be contained above 1.5886 cluster support (61.8% retracement of 1.5601 to 1.6353 at 1.5888). Growth resumption is expected. Trading above 1.6252 will bring retesting on 1.6353.

Uptrend from 1.3624 is extending, and further growth should be seen to retest 1.6587. Overcoming of support 1.5601 will be the first signal of a medium term trend reversal. Break of 1.6587 will renew the long term growth and aline fibonacci level 1.7488.