AUD/USD: Further Rally Is Expected
Trading is on the upside for recovery to 55 day EMA (now at 0.7508). Corrective growth from 0.7309 continues. Pivot points are at: (S1) 0.7387; (P) 0.7416; (R1) 0.7456.
Upside should be limited below resistance 0.7676. Overcoming of 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will widen the drop from 0.8135 to support 0.7158. Trading below minor support 0.7414 will back to the downside for retesting minimum 0.7309.
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.