AUD/USD: Corrective Bounce Has Completed
Trading is on the downside for retesting low 0.7040, as break of minor support 0.7098 suggests that corrective growth from 0.7040 has completed at 0.7159. Pivot points are at: (S1) 0.7081; (P) 0.7116; (R1) 0.7136.
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. Trading above 0.7159 will bring more consolidation.
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.