Daily Pivots: (S1) 0.7092; (P) 0.7143; (R1) 0.7174; More…
Intraday bias in AUD/USD remains on the downside for the moment. Break of 0.7105 support will confirm resumption of whole decline form 0.8006. Next target should be 0.6991 key structural support. On the upside, break of 0.7208 minor resistance will delay the bearish case and turn intraday bias neutral first.
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. However, sustained break of 0.6991 will argue that the whole medium term trend has probably reversed. Deeper fall would be seen to 61.8% retracement at 0.6461.
