Daily Pivots: (S1) 0.7262; (P) 0.7305; (R1) 0.7335; More…
AUD/USD is still defending 0.7279 support and intraday bias remains neutral first. On the upside, break of 0.7409 will turn bias back to the upside for 0.7477 and above, to resume the rebound from 0.7105. ON the downside, however, firm break of 0.7279 will dampen our bullish view and turn bias back to the downside for retesting 0.7105 low instead.
In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action form 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.
