AUD/USD Has Formed a Temporary Low

Technical Reports

Trading is neutral for consolidation. A temporary low was formed at 0.7411. 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. Deeper decrease is not excluded, considering minor resistance 0.7559. Break of 0.7328 will point out resumption of a long term downtrend and aline support 0.7158.

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.