Growth Resumption In EUR/AUD

Technical Reports

Trading is on the upside for resistance 1.6353, as break of resistance 1.6252 confirmed completion of the pull back from 1.6353 with three waves down to 1.5984. Pivot points are at: (S1) 1.6173; (P) 1.6227; (R1) 1.6320.

The cross rises to maximum 1.6306 and larger uptrend is ready to resume. Downside should be contained above support 1.5984. Overcoming of resistance 1.6353 will confirm the bullish case and aline key resistance 1.6587. Trading below minor support 1.6220 will become neutral and bring retreat.

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.