Daily Pivots: (S1) 0.7406; (P) 0.7424; (R1) 0.7440; More…
AUD/USD strengthens mildly today but stays in range of 0.7359/7483. Intraday bias remains neutral first. Outlook is unchanged that consolidation from 0.7309 could extend further and stronger recovery cannot be ruled out. But after all, upside should be limited below 0.7676 resistance to bring larger fall resumption. On the downside, below 0.7359 will target 0.7309 support first. Sustained trading below 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) 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.
