Daily Pivots: (S1) 0.7524; (P) 0.7603; (R1) 0.7648; More…
AUD/USD’s fall from 0.7740 continues today and reaches as low as 0.7542 so far. Intraday bias remains on the downside for the moment. As noted before, rebound from 0.7158 has completed at 0.7740 already. Sustained trading below 55 day EMA (now at 0.7566) will pave the way to lower side of medium term range at 0.7144/7158. On the upside, above 0.7635 minor resistance will turn intraday bias neutral first.
In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seek to 55 month EMA (now at 0.8164) and above.
