Recovery In AUD/USD
Trading tone is neutral, but further decline is expected. Pivot points are at: (S1) 0.7037; (P) 0.7070; (R1) 0.7121.
Overcoming of 0.7020 will point out widening of the downtrend from 0.8135 towards low 0.6826. Hitting of 0.7159 will indicate trend reversal. The pair’s near term forecast will remain bearish while resistance 0.7159 keeps.
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.