Stronger Bounce Of AUD/USD Is Not Ruled Out

Technical Reports

Trading is neutral, as the pair’s recovery from 0.7472 extends. As the pair is staying below minor resistance 0.7583, more consolidation is awaited. Pivot points are at: (S1) 0.7499; (P) 0.7529; (R1) 0.7568.

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. Still, stronger bounce is possible to 38.2% retracement of 0.8135 to 0.7472 at 0.7725.

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.