Daily Pivots: (S1) 0.7434; (P) 0.7459; (R1) 0.7490; More…
AUD/USD’s rebound form 0.7309 short term bottom is still in progress and intraday bias stays on the upside for 55 day EMA (now at 0.7508) and possibly above. But upside should be limited below 0.7676 resistance to bring fall resumption. On the downside, below 0.7414 minor support will turn bias to the downside for retesting 0.7309 low first. Sustained break of 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will extend the fall from 0.8135 to 0.7158 support next.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.
