AUD/USD: Corrective Growth Has Completed

Technical Reports

Trading is on the downside for low 0.7040, as break of minor support 0.7088 indicates completion of corrective growth from 0.7040 at 0.7159. Pivot points are at: (S1) 0.7063; (P) 0.7095; (R1) 0.7113.

Upside should be limited below resistance 0.7159. Overcoming of 0.7040 will point out resumption of the whole downtrend from 0.8135 to 61.8% projection of 0.7314 to 0.7040 from 0.7159 at 0.6990.

Break of resistance 0.7314 will point out a medium term bottoming. 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.