Daily Pivots: (S1) 0.7333; (P) 0.7369; (R1) 0.7423; More…
AUD/USD’s rebound and break of 0.7408 minor resistance suggests short term bottoming at 0.7309. That came after defending 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326), on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for recovery to 55 day EMA (now at 0.7523). But upside should be limited below 0.7676 resistance to bring fall resumption. Sustained break of 0.7328 will extend the fall from 0.8135 to 0.7158 support next.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.
