Daily Pivots: (S1) 0.7081; (P) 0.7116; (R1) 0.7136; More…
AUD/USD’s breach of 0.7098 minor support suggests that corrective rebound from 0.7040 has completed at 0.7159 already. Intraday bias is back on the downside for retesting 0.7040 low first. Break there will resume recent down trend to 61.8% projection of 0.7676 to 0.7084 from 0.7314 at 0.6948 next. On the upside, above 0.7159 will delay the bearish case and bring more consolidation first.
In the bigger picture, fall from 0.8135 is tentatively treated as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 will target 0.6008 key support next (2008 low). However, break of 0.7500 support turned resistance will argue that the corrective pattern from 0.6826 is going to extend with another rising leg before completion.
