Fall Resumption In EUR/AUD
Trading is on the downside, as break of temporary low 1.5742 indicates fall resumption. Fall from 1.6357 should aline key support 1.5601. Pivot points are at: (S1) 1.5655; (P) 1.5742; (R1) 1.5791.
Hitting of support 1.5984 is taken as an early signal of a medium term trend reversal. Overcoming of support 1.5601 will aline cluster support zone 1.5271/5313. Break of 1.5742 will aline key support 1.5601. Break of minor resistance 1.5853 will point out a short term bottoming.
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.