Downside Trading Of AUD/USD
Trading is on the downside, and running fall should aline cluster support at 0.7328 (61.8% retracement of 0.6826 to 0.8135 at 0.7326). Pivot points are at: (S1) 0.7423; (P) 0.7448; (R1) 0.7483.
Overcoming of resistance 0.7559 will point out a short term bottoming. Downtrend resumption is not ruled out. The pair’s forecast will remain bearish in case of recovery. Deeper decrease is not excluded.
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.