AUD/USD: Further Growth Is Not Excluded

Technical Reports

Trading is on the downside for support 0.7143, as fall from 0.7314 resumed after short consolidation. Pivot points are at: (S1) 0.7154; (P) 0.7196; (R1) 0.7230.

As further growth is not excluded, upside should be limited below resistance 0.7361. Overcoming of 0.7143 will resume larger fall from 0.8135 through low 0.7084. Downtrend resumption is possible. Trading above minor resistance 0.7240 could extend the corrective bounce from 0.7084.

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.