AUD/USD: Short Term Bottoming Is Possible
Trading is neutral for consolidation. Deeper drop is expected while minor resistance 0.7234 keeps. The next target is 100% projection of 0.7452 to 0.7201 from 0.7361 at 0.7110. Pivot points are at: (S1) 0.7153; (P) 0.7185; (R1) 0.7225.
Overcoming of 100% projection of 0.7452 to 0.7201 from 0.7361 at 0.7110 will aline 161.8% projection at 0.6955. Hitting of 0.7234 will indicate a short term bottoming and bring lengthier consolidation.
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.