EUR/AUD Remains Limited In Consolidation
Trading is neutral, as the cross is staying in consolidation from 1.5742. Hitting of support 1.5984 is taken as an early signal of a medium term trend reversal. Pivot points are at: (S1) 1.5738; (P) 1.5789; (R1) 1.5822.
In case of another recovery, upside should be bounded by support turned resistance 1.5984. Overcoming of support 1.5601 will aline cluster support zone 1.5271/5313. Break of 1.5742 will aline key support 1.5601.
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.