Range Trading of AUD/USD Goes On

Technical Reports

Character of trading is neutral, as the pair is staying in a range of 0.7758/7988. Pivot points are at: (S1) 0.7770; (P) 0.7834; (R1) 0.7867.

Overcoming of 0.7988 will widen the recoil to retest 0.8135. Trading below 0.7758 will renew the decline to key support 0.7500. It is forecast, that the pair will stay in a range 0.7500/8135 for some time.

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.