EUR/AUD: Trend Reversal Is Projected

Technical Reports

Trading is neutral, as break of support 1.5984 is taken as an early signal of a medium term trend reversal. Pivot points are at: (S1) 1.5756; (P) 1.5806; (R1) 1.5870.

Overcoming of support 1.5601 will aline cluster support zone 1.5271/5313. Trading below 1.5742 will aline support 1.5601. Further fall is possible while 1.5984 keeps.

Uptrend from 1.3624 is possibly completed at 1.6357, ahead of 1.6587. Deeper fall is expected to 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313). Break will target 61.8% retracement at 1.4668. Overcoming of 1.6357 will confirm uptrend resumption.