Growth Of AUD/USD Extends
Trading is on the upside for resistance 0.7314, as growth accelerates and reaches high 0.7250. A medium term trend reversal is expected. Pivot points are at: (S1) 0.7115; (P) 0.7164; (R1) 0.7256.
Overcoming of resistance 0.7314 will confirm the bullish case. However, rejection from 0.7314, followed by break of resistance turned support 0.7159, will retain bearishness and turn focus back to low 0.7020.
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. Break of 0.7314 will indicate completion of the fall from 0.8135 and bring stronger rise back to 55 week EMA (now at 0.7467).