Daily Pivots: (S1) 0.7220; (P) 0.7245; (R1) 0.7261; More…
AUD/USD’s fall accelerates to as low as 0.7178 so far today and intraday bias stays on the downside. Current decline from 0.8006 is in progress for 161.8% projection of 0.8006 to 0.7530 from 0.7890 at 0.7120. We’d look for strong support from around 0.6991 to bring rebound. On the upside, above 0.7268 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 0.7425 resistance holds, in case of recovery.
In the bigger picture, rise from 0.5506 medium term bottom could have completed at 0.8006, after failing 0.8135 key resistance. Correction from there could target 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051). We’d look for strong support from there to bring rebound. However, sustained break of this level would argue that the whole medium term trend has indeed reversed.
