AUD/USD: Consolidation Continues

Technical Reports

Stance of trading is still neutral for consolidation above temporary minimum 0.7671. Pivot points are at: (S1) 0.7649; (P) 0.7703; (R1) 0.7731.

Upside should be bounded below resistance 0.7915. Trading below 0.7671 will back to the downside to extend the fall from 0.8135 to key support 0.7500. Overcoming of resistance 0.7915 will point out a near term trend reversal and turn focus back to maximum 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.