Trend Reversal in AUD/USD is Expected

Technical Reports

Trading is on the downside as decline from 0.8135 goes on, and the pair should aline key support level 0.7500. Pivot points are at: (S1) 0.7662; (P) 0.7684; (R1) 0.7698.

Recoil in the pair is awaited, in case of a strong support from key support level 0.7500. Overcoming of minor resistance 0.7784 will point out a near term trend reversal.

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.