Daily Pivots: (S1) 0.6545; (P) 0.6572; (R1) 0.6595; More…
Intraday bias in AUD/USD is turned neutral again with today’s retreat. Rebound from 0.5506 might extend but we’d still expect upside to be limited by 0.6670 key resistance, at least on first attempt. On the downside, break of 0.6402 support will confirm short term topping and turn bias to the downside for 0.6253 support next.
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.
