Recoil in AUD/USD Can Complete
Stance of trading is neutral, as the pair stays below 0.7635. Pivot points are at: (S1) 0.7565; (P) 0.7594; (R1) 0.7612.
Further increase in the pair is possible and 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. Growth from 0.7328 can prolong to resistance 0.7748 and above.
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 0.8116) and above.