Daily Pivots: (S1) 0.7482; (P) 0.7524; (R1) 0.7545; More…
No change in AUD/USD’s outlook. With 0.7448 minor support intact, rebound from 0.7158 could extend higher towards 0.7777/7833 resistance zone. But still, we’d still expect strong resistance from this zone to limit upside. On the downside, below 0.7448 minor support will turn bias back to the downside for 0.7144 key support level.
In the bigger picture, AUD/USD is staying inside long term falling channel and it’s likely that the down trend from 1.1079 is still in progress. Break of 0.6826 low will confirm this bearish case. We’ll be looking for bottoming sign again as it approaches 0.6008 key support level. Meanwhile, sustained break of 0.7833 resistance will be a strong sign of medium term reversal.
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