Price Moves in AUD/USD Are Corrective
Trading is neutral, as price moves from 0.7711 are a correction and the pair can retest that point. Pivot points are at: (S1) 0.7569; (P) 0.7591; (R1) 0.7607.
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. Top in the pair can be formed, as growth from 0.7328 can widen 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 0.8096) and above.