EUR/AUD Recovers After Fall

Technical Reports

Trading is neutral for stronger recovery, as the cross recoiled after hitting 1.5346, ahead of cluster support zone 1.5271/5313. A near term forecast will stay bearish while resistance 1.5781 keeps. Pivot points are at: (S1) 1.5415; (P) 1.5441; (R1) 1.5480.

Trading below 1.5346 will aline cluster support zone 1.5271/5313. Hitting of 1.5781 will indicate completion of the drop from 1.6357. In that case, trading will be turned back to the upside for retesting 1.6357.

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.