AUD/USD Remains In Consolidation
Trading is neutral for consolidation, as the pair is staying in a tight range below temporary top 0.7258. A medium term bottom might be in place at 0.7020. Pivot points are at: (S1) 0.7188; (P) 0.7203; (R1) 0.7224.
Overcoming of resistance 0.7314 will confirm the bullish case and aline 38.2% retracement of 0.8135 to 0.7020 at 0.7446. Hitting of 0.7159 will turn focus back to low 0.7020. Trading above 0.7258 will aline key resistance 0.7314.
Break of resistance 0.7314 will indicate completion of the fall from 0.8135. 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. The correction from 0.6826 is extending with another rising leg towards 0.8135 before completion.