Range Trading Of AUD/USD

Technical Reports

Trading is neutral for consolidation. The pair is still staying in a range of 0.7237/7381. Stronger growth is not excluded. Pivot points are at: (S1) 0.7272; (P) 0.7311; (R1) 0.7347.

Trading below 0.7237 will bring test of a low 0.7201. Upside should be limited by resistance 0.7425. Hitting of 0.7201 will point out resumption of the larger downtrend from 0.8135.

A corrective medium term recoil from 0.6826 should be completed at 0.8135. Break of resistance 0.7452 might indicate a medium term bottoming. Correction is expected, with stronger bounce to 38.2% retracement of 0.8135 to 0.7201 at 0.7558. Decline from 0.8135 would prolong for testing of 0.6826.