Retreat In AUD/USD
Trading is neutral, as the pair’s growth was limited at 0.7393. Corrective growth from a medium term bottom 0.7020 should extend higher, while support 0.7199 keeps. Pivot points are at: (S1) 0.7312; (P) 0.7353; (R1) 0.7380.
Overcoming of 0.7199 will indicate completion of the growth and trading back to the downside for retesting low 0.7020. Trading above 0.7393 will aline 38.2% retracement of 0.8135 to 0.7020 at 0.7446.
A medium term bottom was formed at 0.7020 ahead of key support 0.6826. While stronger bounce is expected, upside should be limited by strong resistance from support turned resistance 0.7500. The drop from 0.8135 should resume and take on low 0.6826 at a later stage, after the correction from 0.7020 completes.