Consolidation In EUR/AUD Extends
Trading is neutral for consolidation from temporary top 1.5887. Trading above 1.5887 will aline support turned resistance 1.5984. Pivot points are at: (S1) 1.5698; (P) 1.5760; (R1) 1.5819.
Overcoming of 1.5596 will indicate completion of the bounce and aline support 1.5346. Downside of retreat should be contained by support 1.5596. Hitting of support turned resistance 1.5984 will bring retest of high 1.6357.
It is considered, that 1.6357 is a medium term top. The range of 1.5271/6357 is likely set for the consolidation. Hitting of 1.6357 will resume the larger uptrend from 1.3624 to 1.6587. Strong bounce ahead of 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313) suggests price actions from 1.6357 are developing into sideway consolidation, rather than a deep correction.