Fall Of AUD/USD Has Resumed

Technical Reports

Trading is on the downside, as fall of the pair resumed and reached 0.7309. Deeper fall is not ruled out. Pivot points are at: (S1) 0.7297; (P) 0.7353; (R1) 0.7397.

Break of resistance 0.7408 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.