Daily Pivots: (S1) 0.6503; (P) 0.6544; (R1) 0.6578; More…
AUD/USD’s breach of 0.6569 suggests resumption of whole rebound from 0.5506. Intraday bias is back on the upside for 0.6670 key resistance. Considering bearish divergence in 4 hour MACD, we’d expect upside to be limited there, at least on first attempt, to bring pull back. On the downside, break of 0.6402 support will indicate short term topping and turn bias to the downside for 0.6253 support.
In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.
