AUD/USD: Trend Reversal Is Expected
Trading tone remains neutral, as the pair stays below key resistance 0.7314. Still, further growth is expected to 38.2% retracement of 0.8135 to 0.7020 at 0.7446. Pivot points are at: (S1) 0.7236; (P) 0.7268; (R1) 0.7307.
Overcoming of resistance 0.7314 will confirm a medium term trend reversal. Overcoming of 0.7164 will indicate completion of the bounce from 0.7020 and maintain a medium term bearishness.
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.