AUD/USD: Recovery Goes On

Technical Reports

Trading is neutral, as a consolidation above temporary minimum 0.7712 extends. Pivot points are at: (S1) 0.7737; (P) 0.7754; (R1) 0.7782.

The drop from 0.8135 could renew to 100% projection of 0.8135 to 0.7758 from 0.7988 at 0.7611 in case of overcoming of 0.7712. The pair’s forecast will stay bearish while resistance 0.7892 keeps.

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.