Bounce Of AUD/USD Continues
Trading is on the upside, as the bounce from 0.7411 has resumed and could widen higher. Upside should be bounded by strong resistance from 38.2% retracement of 0.8135 to 0.7144 at 0.7688. Pivot points are at: (S1) 0.7584; (P) 0.7625; (R1) 0.7690.
Overcoming of 0.7475 will renew a drop through 0.7411 to 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). Trading below minor support 0.7592 will back to the downside for 0.7475.
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.