The AUD/USD Remains in Consolidation

Technical Reports

Trading tone is neutral for consolidation from 0.7758. Further drop is awaited, considering resistance 0.7909. Pivot points are at: (S1) 0.7831; (P) 0.7854; (R1) 0.7880.

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.