Drop of AUD/USD Could Resume

Technical Reports

Character of trading is neutral, as the pair is staying in a range of 0.7758/7988. Pivot points are at: (S1) 0.7821; (P) 0.7857; (R1) 0.7889.

Overcoming of 0.7988 will widen the recoil to retest 0.8135. Trading below 0.7758 will renew the decline from 0.8135 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.