AUD/USD: Another Rise Is Expected
Trading tone remains neutral. The pair weakens but stays inside converging range from 0.7309. A near term forecast remains bearish. Pivot points are at: (S1) 0.7387; (P) 0.7408; (R1) 0.7427.
In case of another growth, 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.