AUD/USD: Another Fall is Not Excluded

Technical Reports

Trading stays neutral, as the pair is bounded below minor resistance 0.7784, despite recoil from 0.7642 reached maximum 0.7768. Another drop in the pair is not ruled out. Pivot points are at: (S1) 0.7713; (P) 0.7741; (R1) 0.7788.

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.