EUR/AUD: Corrective Recovery Has Completed

Technical Reports

Trading is on the downside for retesting low 1.5519, as break of minor support 1.5643 suggests completion of the corrective recovery from 1.5519 at 1.5781. Pivot points are at: (S1) 1.5650; (P) 1.5676; (R1) 1.5719.

Overcoming of low 1.5519 will resume the fall from 1.6357 to cluster support zone 1.5271/5313. In case of another rise as consolidation from 1.5519 extends, upside should be limited by 38.2% retracement of 1.6357 to 1.5519 at 1.5839 to bring fall resumption.

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.