AUD/USD Recoils Strongly
Trading is on the upside with focus on key resistance 0.7314, as the pair recoiled strongly. Further growth is expected to 38.2% retracement of 0.8135 to 0.7020 at 0.7446. Pivot points are at: (S1) 0.7242; (P) 0.7285; (R1) 0.7350.
Overcoming of resistance 0.7314 will confirm a medium term trend reversal. Failure to sustain above 0.7314, and break of support 0.7199 will retain bearishness and turn trading back to the downside for retesting low 0.7020.
Break of resistance 0.7314 will indicate completion of the fall from 0.8135. While stronger bounce is expected, upside should be limited by strong resistance from support turned resistance 0.7500. The drop from 0.8135 could have completed at 0.7020 already, ahead of key support 0.6826. A medium term fall from 0.8135 could still extend.