EUR/AUD Ended Its Consolidation

After consolidating sideways above the support at 1.5260 for over a month the pair finally ended that consolidation by breaking out above the resistance at 1.5490 and continuing to move to the upside. The rally is hardly surprising considering the pair of spinning top candlesticks, the inverted hammer candlestick and the hammer candlestick it had formed on the weekly time-frame above the abovementioned support level. Currently the pair is still moving to the upside and it will likely soon reach the previous high at 1.5770. Unless it forms a double top at that level and bounces off from it, the breakout above it could lead to a further move to the upside towards 1.6000. If it does bounce off from the previous high there will likely be a drop to the support at 1.5260 again.