Drop In EUR/AUD Continues

Technical Reports

Trading is on the downside, as decline from 1.6357 continues for key support 1.5601. The forecast will stay bearish in case of recovery. Pivot points are at: (S1) 1.5610; (P) 1.5676; (R1) 1.5723.

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.