AUD/USD Recovers After Decline

Technical Reports

Trading is neutral for consolidation after strong recoil. Pivot points are at: (S1) 0.7508; (P) 0.7546; (R1) 0.7616.

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). Upside should be bounded by strong resistance from 38.2% retracement of 0.8135 to 0.7144 at 0.7688. Trading above 0.7604 will bring stronger bounce.

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 points out completion of the corrective recoil at 0.8135. Downtrend resumption is not excluded.