The AUD/USD Has Formed a Short Term Top

Technical Reports

Trading is on the downside for 55 day EMA (now at 0.7856). A short term top was formed at 0.8135. Pivot points are at: (S1) 0.7994; (P) 0.8031; (R1) 0.8074.

Overcoming of 0.8124 will renew a medium term recoil from 0.6826. The pair should target fibonacci level at 0.8451. Trading below 0.7856 will bring retest of a key near term support 0.7500.

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.