Daily Pivots: (S1) 0.7357; (P) 0.7383; (R1) 0.7423; More…
AUD/USD rebounded strongly after hitting 0.7342, supported well above 0.7309 low. The development suggests that consolidation from 0.7309 is extending with another rise. Intraday bias is mildly on the upside for 0.7483 minor resistance or above. But still, upside should be limited below 0.7676 resistance to bring larger fall resumption. On the downside, break of 0.7309 and 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.
