Recoil of AUD/USD Extends
Trading is on the upside for minor resistance 0.7892. The pair’s recoil from 0.7712 extends to maximum 0.7866. Pivot points are at: (S1) 0.7797; (P) 0.7825; (R1) 0.7874.
Break of a near term trend line resistance is considered to be the first feature of trend reversal. Trading below 0.7772 will back to the downside for 0.7712, and overcoming of that level will renew the drop from 0.8135.
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.