Range Trading in AUD/USD
Trading stays neutral, as the pair is staying in a range 0.7642/0.7784, despite it recovers strongly and reaches maximum 0.7737. Pivot points are at: (S1) 0.7665; (P) 0.7687; (R1) 0.7723.
The drop from 0.8135 could extend to retest key support level 0.7500 in case of break of 0.7642. Overcoming of minor resistance 0.7784 will point out a near term trend reversal. In that case, trading will back to the upside for resistance 0.7915.
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.