Daily Pivots: (S1) 0.7531; (P) 0.7549; (R1) 0.7570; More…
AUD/USD’s consolidation from 0.7608 is still in progress and intraday bias remains neutral first. Further rise could be seen with 0.7448 support intact. On the upside, above 0.7608 will extend the rebound form 0.7158. But we’d expect strong resistance from 0.7777/7833 resistance zone to bring near term reversal. On the downside, break of 0.7448 support will indicate that rebound from 0.7158 has completed. That will turn bias to the downside for 0.7144 key support level.
In the bigger picture, AUD/USD is staying inside long term falling channel and it’s likely that the down trend from 1.1079 is still in progress. Break of 0.6826 low will confirm this bearish case. We’ll be looking for bottoming sign again as it approaches 0.6008 key support level. Meanwhile, sustained break of 0.7833 resistance will be a strong sign of medium term reversal.
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