Downtrend Resumption In AUD/USD

Technical Reports

Trading is on the downside for 61.8% projection of 0.7314 to 0.7040 from 0.7159 at 0.6990, as break of low 0.7040 confirms resumption of the downtrend from 0.8135. Pivot points are at: (S1) 0.7057; (P) 0.7078; (R1) 0.7101.

Overcoming of resistance 0.7099 will indicate a short term bottoming. Hitting of 61.8% projection of 0.7314 to 0.7040 from 0.7159 at 0.6990 will aline 100% projection at 0.6885. Otherwise, outlook will stays bearish in case of recovery.

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.