Top in AUD/USD Can be Formed
Trading in the pair is on the upside and further increase is awaited for resistance 0.7748 and above. Pivot points are at: (S1) 0.7584; (P) 0.7607; (R1) 0.7638.
Top can be formed as the pair approaches medium term fibonacci level at 0.7849. Overcoming of 0.7523 will point out completion of a recoil from 0.7328.
Price moves from minimum 0.6826 are a correction, and increase from that point can develop into a medium term recoil. Long term downtrend from 1.1079 will resume while 38.2% retracement of 0.9504 to 0.6826 at 0.7849 keeps. Break of minimum 0.6826 will target key support level 0.6008. Stronger increase should be seen to 55 month EMA (now at 0.8091) and above.