AUD/USD Is Losing Downside Impulse
Trading is still on the downside for minor resistance 0.7096, despite the pair is losing some downside momentum. Trading above minor resistance 0.7096 will become neutral for consolidation. Pivot points are at: (S1) 0.7032; (P) 0.7059; (R1) 0.7077.
Current downtrend from 0.8135 is extending for 61.8% projection of 0.7676 to 0.7084 from 0.7314 at 0.6948. As further recovery to 4 hour 55 EMA (now at 0.7152) is possible, upside should be limited below resistance 0.7314.
Break of support turned resistance 0.7500 will point out that the correction from 0.6826 is going to extend with another rising leg before completion. The drop from 0.8135 is pre-treated as resuming long term downtrend from 1.1079. Overcoming of 0.6826 will aline key support 0.6008.