AUD/USD: Range Trading Continues

Technical Reports

Stance of trading is neutral, as the pair is staying above resistance turned support 0.7228. Break of 0.7361 will carry larger bullish implication. Downtrend resumption is not excluded. Pivot points are at: (S1) 0.7240; (P) 0.7261; (R1) 0.7272.

Trading above 0.7303 will widen the corrective growth from 0.7084, but upside should be limited below resistance 0.7361. Overcoming of 0.7143 will resume larger fall from 0.8135 through low 0.7084. Trading below resistance turned support 0.7228 will back to the downside for 0.7143.

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.