AUD/USD: Recovery Continues

Technical Reports

Trading is neutral, as the pair lost upside momentum. The corrective pull back from 0.8135 has likely completed to 0.7712. Pivot points are at: (S1) 0.7836; (P) 0.7867; (R1) 0.7888.

Trading above 0.7892 will aline resistance 0.7988. Overcoming of 0.7988 will bring growth resumption. 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.