Daily Pivots: (S1) 0.7063; (P) 0.7077; (R1) 0.7099; More…
AUD/USD recovered ahead of 0.7040 low and intraday bias is turned neutral again. Consolidation from 0.7040 might extends with another recovery. By upside should be limited by 0.7159 resistance to bring fall resumption eventually. on the downside, break of 0.7040 will resume recent down from 0.8135. Next target will be 61.8% projection of 0.7314 to 0.7040 from 0.7159 at 0.6990 and then 100% projection at 0.6885.
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). On the upside, break of 0.7314 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook stays bearish even in case of strong rebound.
