Recovery Of AUD/USD Extends

Technical Reports

Trading is neutral, as the pair’s recovery from 0.7472 extends. Pivot points are at: (S1) 0.7492; (P) 0.7517; (R1) 0.7542.

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.