AUD/USD: Consolidation Is Expected
Trading is still on the downside for 161.8% projection of 0.7452 to 0.7201 from 0.7361 at 0.6955. Pivot points are at: (S1) 0.7097; (P) 0.7115; (R1) 0.7131.
Overcoming of 161.8% projection of 0.7452 to 0.7201 from 0.7361 at 0.6955 will aline key support level at 0.6826. Hitting of resistance 0.7210 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 0.7361 will be the first sign of a medium term bottoming. Break of 0.6826 will aline key support 0.6008. Downtrend resumption from 1.1079 is still expected.