The AUD/USD Has Formed a Temporary Low

Technical Reports

Trading is neutral for consolidation above temporary minimum 0.7758. Further drop is awaited while resistance 0.7909 keeps. Pivot points are at: (S1) 0.7756; (P) 0.7800; (R1) 0.7824.

Overcoming of minor resistance 0.7909 will back trading to the upside for retesting maximum 0.8135. Downside should be contained by support from 0.7500, as there is no sign of larger trend reversal yet.

A medium term recoil from 0.6826 is a correction, which might prolong. Upside should be bounded by resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451. Overcoming of support 0.7500 will point out completion of the corrective recoil.