AUD/USD: Temporary Low Was Formed

Technical Reports

Trading is neutral for consolidation, as a temporary low should be formed at 0.7040. Pivot points are at: (S1) 0.7053; (P) 0.7068; (R1) 0.7093.

Overcoming of 0.7040 will point out resumption of the whole downtrend from 0.8135 to 61.8% projection of 0.7676 to 0.7084 from 0.7314 at 0.6948. As stronger recovery to 4 hour 55 EMA (now at 0.7136) 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.