AUD/USD: Consolidation Should Extend
Stance of trading is neutral. The pair is holding above a short term bottom 0.7411. More consolidation is awaited. Pivot points are at: (S1) 0.7434; (P) 0.7486; (R1) 0.7525.
Overcoming of 0.7411 will point out fall resumption from 0.8135 to cluster support at 0.7328 (61.8% retracement of 0.6826 to 0.8135 at 0.7326). While further increase is not ruled out, upside should be bounded by resistance from 38.2% retracement of 0.8135 to 0.7144 at 0.7688.
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.