AUD/USD: Bounce Extends
Trading is on the upside for further growth to 38.2% retracement of 0.8135 to 0.7020 at 0.7446. The pair’s growth from a medium term bottom 0.7020 extends. Pivot points are at: (S1) 0.7339; (P) 0.7366; (R1) 0.7387.
Overcoming of minor support 0.7284 will turn trading neutral. The pair’s near term forecast will stay bullish while support 0.7199 keeps.
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.