AUD/USD: Bounce Has Completed

Technical Reports

Trading is neutral with focus on 0.7345 and 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). The pair’s bounce from 0.7345 stopped at 0.7443. Pivot points are at: (S1) 0.7374; (P) 0.7398; (R1) 0.7417.

As trading above 0.7443 will bring another recovery, upside should be limited below resistance 0.7676. Overcoming of cluster support 0.7328 will widen the drop from 0.8315 to 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229.

A medium term recoil from 0.6826 is correction, which should be completed at 0.8135. Deeper fall is possible to retest minimum 0.6826. This will now remain the favored case while resistance 0.7676 keeps.