Daily Pivots: (S1) 0.7563; (P) 0.7595; (R1) 0.7631; More…
No change in AUD/USD’s outlook. Corrective rise from 0.7411 should have completed at 0.7676 already, ahead of 38.2% retracement of 0.8135 to 0.7144 at 0.7688. Deeper fall should be seen to 0.7475 support first. Break there should resume larger fall from 0.8135 and target 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326).
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Prior break of 0.7500 key support suggests that such correction is completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. In case of another rise, we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption eventually.
