AUD/USD: Deeper Fall Is Not Excluded

Technical Reports

Trading is neutral, but deeper fall is not excluded, considering resistance 0.7443. Initially, the pair fell to 0.7322 but recovered after support from 7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). Pivot points are at: (S1) 0.7309; (P) 0.7358; (R1) 0.7390.

Break of resistance 0.7443 will point out a short term bottoming and bring lengthier consolidation. Overcoming of 0.7326/8 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.