Daily Pivots: (S1) 0.7309; (P) 0.7358; (R1) 0.7390; More…
AUD/USD dipped to 0.7322 but quickly drew support from 7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). Intraday bias remains neutral first. Deeper fall is expected as long as 0.7443 resistance holds. Sustained break of 0.7326/8 will extend larger fall from 0.8315 to 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next Though, break of 0.7443 resistance will suggest short term bottoming and bring lengthier consolidations.
In the bigger picture, medium term rebound from 0.6826 (2016 low) is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. Firm break there will resume the long term down trend from 1.1079 and take 0.6008 support next (2008 low). This will now remain the favored case as long as 0.7676 resistance holds.
