Daily Pivots: (S1) 0.7756; (P) 0.7800; (R1) 0.7824; More…
Intraday bias in AUD/USD is turned neutral for consolidation above 0.7758 temporary low. But further decline is expected as long as 0.7909 resistance holds. Below 0.7758 will target 0.7500 key support. At this point, there is no clearly sign of larger trend reversal yet. Hence, we’d look for strong support from 0.7500 to contain downside and bring rebound. On the upside, above 0.7909 minor resistance will turn bias back to the upside for retesting 0.8135 high.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. It might still extend higher but 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. On the downside, break of 0.7500 support will now be an important signal that such corrective rebound is completed.
