AUD/USD Dips Again

Technical Reports

Trading is on the downside with focus on key support 0.7500, as decline resumes. Pivot points are at: (S1) 0.7508; (P) 0.7545; (R1) 0.7566.

Overcoming of 0.7500 will point out a medium term trend reversal. In that case, the pair will aline next support at 0.7328. Trading above minor resistance 0.7583 will suggest a short term bottoming.

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.