Recovery in AUD/USD

Technical Reports

Trading is neutral for consolidation. A temporary low was formed at 0.7531. Another fall is not excluded. Pivot points are at: (S1) 0.7546; (P) 0.7564; (R1) 0.7598.

Upside of recovery should be limited by support turned resistance 0.7642. Break of 0.7642 will point out a near term trend reversal and turn focus back to resistance 0.7812. Trading below 0.7531 will renew a decline from 0.8135 to key support 0.7500.

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, and the pair will aline minimum 0.6826 in a medium term. Downtrend resumption is not excluded.