AUD/USD: Downtrend Is In Progress

Technical Reports

Trading is on the downside, as fall from 0.7314 extends and reaches minimum 0.7061. Trading above minor resistance 0.7096 will become neutral for consolidation. Pivot points are at: (S1) 0.7058; (P) 0.7085; (R1) 0.7105.

Current downtrend from 0.8135 is extending for 61.8% projection of 0.7676 to 0.7084 from 0.7314 at 0.6948.

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.