The AUD/USD Has Formed a Temporary Minimum

Technical Reports

Trading in the pair is neutral for consolidation. A temporary minimum was formed at 0.7531. Pivot points are at: (S1) 0.7543; (P) 0.7566; (R1) 0.7601.

Upside should be limited below resistance 0.7729. Overcoming of 0.7531 will resume the decline from 0.8124 and target level 0.7322/8. Near term trend reversal is awaited in the pair.

Corrective growth from a medium term bottom 0.6826 has completed at 0.8124. Overcoming of 0.6826 will target 61.8% projection of 1.1079 to 0.6826 from 0.8124 at 0.5496. A long term downtrend from 1.1079 should renew.