Daily Pivots: (S1) 0.7537; (P) 0.7584; (R1) 0.7609; More…
Intraday bias in AUD/USD remains on the downside at this point. Whole decline from 0.8124 should now extend to next key cluster level at 0.7322/8. On the upside, break of 0.7652 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, corrective rise from 0.6826 medium term bottom is likely completed at 0.8124, after hitting 55 month EMA (now at 0.8033). Decisive break of 0.7328 key cluster support (61.8% retracement 0.6826 to 0.8124 at 0.7322) will confirm. And in that case, long term down trend from 1.1079 (2011 high) will likely be resuming. Break of 0.6826 will target 61.8% projection of 1.1079 to 0.6826 from 0.8124 at 0.5496. This will now be the favored case as long as 0.7732 near term resistance holds.
