AUD/USD: Stronger Bounce Is Possible

Technical Reports

Trading is on the downside with focus on key support 0.7500, as decline goes on. Stronger bounce is possible to support turned resistance 0.7642. Pivot points are at: (S1) 0.7457; (P) 0.7502; (R1) 0.7531.

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.