Consolidation in AUD/USD Has Appeared

Trading in the pair is neutral for consolidation below temporary top 0.7711. Pivot points are at: (S1) 0.7665; (P) 0.7689; (R1) 0.7710.

Further growth in the pair is awaited. Overcoming of 0.7534 will indicate near term trend reversal and trading will back to the downside for support 0.7370.

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 0.8096) and above.