The AUD/USD May Form a Short Term High

Technical Reports

Trading is on the upside for resistance 0.8124, despite the pair continues to lose upside momentum. Pivot points are at: (S1) 0.8073; (P) 0.8095; (R1) 0.8118.

Further growth is awaited in the pair. Overcoming of 0.8124 will renew a medium term recoil from 0.6826. The pair should target fibonacci level at 0.8451. Break of support 0.8003 will indicate a short term topping.

A medium term recoil from 0.6826 continues. Running corrective growth should target 38.2% retracement of 1.1079 to 0.6826 at 0.8451, but upside should be bounded by 0.8451. Trend reversal is expected.