Daily Pivots: (S1) 0.7499; (P) 0.7553; (R1) 0.7582; More…
Intraday bias in AUD/USD stays on the downside with fall from 0.7740 still in progress. Whole rebound from 0.7158 should be completed. The pair should now target lower side of the range at 0.7144/7158 support zone. On the upside, break of 0.7631 resistance is needed to indicate completion of such decline. Otherwise, outlook will stay cautiously bearish in case of recovery.
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.
