Growth In AUD/USD Extends
Trading is on the upside with focus on resistance 0.7314. Further growth is expected to 38.2% retracement of 0.8135 to 0.7020 at 0.7446. Pivot points are at: (S1) 0.7275; (P) 0.7307; (R1) 0.7363.
Overcoming of resistance 0.7314 will confirm a medium term trend reversal. Overcoming of support 0.7164 will retain bearishness and turn bias back to the downside for retesting low 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.