EUR/AUD Is Retracing

The overall bullish EUR/AUD trend has continued for a little over a year now but it is clear that the pair is beginning yet another retracement. It formed an obvious doji candlestick and a spinning top candlestick at the resistance at 1.6190 on the weekly time-frame and bounced off from that level. If the pair continues moving to the downside the closest target will likely be at 1.5760. A breakout below that level could lead to a further move to the downside towards the support at 1.5670, which coincides with the (MA)89 indicator on the daily time-frame. All that said, so far there is no indication that the aforementioned bullish trend is about to reverse.