Range Trading In AUD/USD

Technical Reports

Trading is neutral, as the pair is staying in a range of 0.7322/74437443. Pivot points are at: (S1) 0.7358; (P) 0.7384; (R1) 0.7433.

Deeper fall is not ruled out. Break of resistance 0.7443 will point out a short term bottoming and bring stronger bounce towards resistance 0.7676. Overcoming of 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will aline 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.