Consolidation in AUD/USD Has Completed

Trading in the pair is on the downside, as a consolidation from 0.7531 has completed. Pivot points are at: (S1) 0.7537; (P) 0.7584; (R1) 0.7609.

Overcoming of minimum 0.7531 will resume the decline from 0.8124 and target level 0.7322/8. Further decrease is expected.

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.