Recovery In AUD/USD
Trading is neutral for consolidation, as a temporary low was formed at 0.7165. The next target is 161.8% projection at 0.6955. Pivot points are at: (S1) 0.7179; (P) 0.7202; (R1) 0.7237.
While stronger recovery to 4 hour 55 EMA (now at 0.7269) is expected, upside should be limited below resistance 0.7361. Trading below 0.7165 will aline 100% projection of 0.7452 to 0.7201 from 0.7361 at 0.7110.
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. Downtrend resumption from 1.1079 is expected. Still, a medium term correction should be seen before downtrend resumption.