AUD/USD: Bounce Is Progressing

Technical Reports

Trading remains on the upside, as recoil from a short term bottom 0.7084 goes on. Break of 0.7361 will carry larger bullish implication. Downtrend resumption is expected. Pivot points are at: (S1) 0.7115; (P) 0.7149; (R1) 0.7205.

While further growth towards 55 day EMA (now at 0.7313) is expected, upside should be limited below resistance 0.7361. Overcoming of 0.7084 will point out resumption the fall from 0.8135 for key support level at 0.6826.

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.