Daily Pivots: (S1) 0.7537; (P) 0.7584; (R1) 0.7609; More…
AUD/USD drops to as low as 0.7514 so far today. Break of 0.7531 confirms resumption of whole decline from 0.8124. Intraday bias remains on the downside for next key cluster level at 0.7322/8. For now, near term outlook will stays bearish as long as 0.7652 resistance holds, in case of recovery.
In the bigger picture, corrective rise from 0.6826 medium term bottom is likely completed at 0.8124, after hitting 55 month EMA (now at 0.8033). Decisive break of 0.7328 key cluster support (61.8% retracement 0.6826 to 0.8124 at 0.7322) will confirm. And in that case, long term down trend from 1.1079 (2011 high) will likely be resuming. Break of 0.6826 will target 61.8% projection of 1.1079 to 0.6826 from 0.8124 at 0.5496. This will now be the favored case as long as 0.7732 near term resistance holds.
