Drop Of AUD/USD Is Progressing

Technical Reports

Trading is on the downside, as drop from 0.7676 continues. Trading above minor resistance 0.7623 will widen the correction from 0.7411. Pivot points are at: (S1) 0.7594; (P) 0.7608; (R1) 0.7625.

Corrective growth from 0.7411 should have completed at 0.7676, ahead of 38.2% retracement of 0.8135 to 0.7144 at 0.7688. 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).

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.