Recovery In AUD/USD
Trading is on the upside for recovery to 55 day EMA (now at 0.7523), with a short term bottom at 0.7309. The pair has defended 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326), on bullish convergence condition in 4 hour MACD. Pivot points are at: (S1) 0.7333; (P) 0.7369; (R1) 0.7423.
Upside should be limited below resistance 0.7676. Overcoming of 0.7328 will widen the drop from 0.8135 to support 0.7158.
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.