AUD/USD: Rally Is In Progress
Trading is on the upside for resistance 0.7314, as growth from 0.7020 has resumed after hitting 0.7258. Pivot points are at: (S1) 0.7226; (P) 0.7263; (R1) 0.7314.
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 minor support 0.7182 will indicate completion of the growth. A medium term bottom might be placed at 0.7020.
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.