Short Term Bottom In EUR/AUD

Technical Reports

Trading is on the upside for rebound to 38.2% retracement of 1.6357 to 1.5519 at 1.5839, as a short term bottom is formed at 1.5519. Pivot points are at: (S1) 1.5613; (P) 1.5668; (R1) 1.5759.

Trading below minor support 1.5643 will bring retest of low 1.5519. Upside should be limited below support turned resistance 1.5984. Fall resumption is not excluded.

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.