Daily Pivots: (S1) 0.7470; (P) 0.7501; (R1) 0.7558; More…
Intraday bias in AUD/USD remains neutral for the moment. On the downside, break of 0.7443 will resume the whole corrective pattern from 0.8006. But we’d expect strong support from 100% projection of 0.8006 to 0.7530 from 0.7890 at 0.7414 to bring rebound. On the upside, break of 0.7615 resistance will indicate short term bottoming, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the upside for 0.7890/8006 resistance zone.
In the bigger picture, rise from 0.5506 medium term bottom could either be the start of a long term up trend, or a corrective rise. Reactions to 0.8135 key resistance will reveal which case it is. Rejection by 0.8135 key resistance, followed by firm break of 0.7413 resistance turned support, will favors the latter case. Deeper decline would be seen to 38.2% retracement of 0.5506 to 0.8006 at 0.7051 first.
