Daily Pivots: (S1) 0.7323; (P) 0.7347; (R1) 0.7371; More…
Intraday bias in AUD/USD stays neutral as consolidation from 0.7275 temporary low is extending. But further decline is in favor as long as 0.7431 minor resistance holds. Rebound from 0.7105 could be complete with three waves up to 0.7555, and fall from 0.8006 is still in progress. On the downside, below 0.7275 will target 0.7169 support first, and then 0.7105. However, break of 0.7431 resistance will turn bias back to the upside for retesting 0.7555.
In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.
