AUD/USD: Consolidation Extends

Technical Reports

Stance of trading is still neutral, as the pair stays in a range of 0.7309/7483. Consolidation from 0.7309 continues. Pivot points are at: (S1) 0.7373; (P) 0.7403; (R1) 0.7447.

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 above 0.7483 will bring stronger recoil.

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 remain the favored case while resistance 0.7676 keeps.