Daily Pivots: (S1) 0.7988; (P) 0.8007; (R1) 0.8037; More…
AUD/USD is staying in consolidation fro 0.8038 and intraday bias remains neutral. As long as 0.7874 support holds, further rally should be seen to 0.8124 high. Break there will resume whole medium term rebound from 0.6826 and target key fibonacci level at 0.8451. On the downside, break of 0.7874 will indicate short term topping and turn bias to the downside for 55 day EMA (now at 0.7781) and below.
In the bigger picture, current development suggests that medium term rebound from 0.6826 is still in progress and could be resuming. Such rise could target 38.2% retracement of 1.1079 (2011 high) to 0.6826 (2016 low) at 0.8451. As such rise is seen as a corrective move, we’d expect strong resistance from 0.8451 to limit upside and bring reversal.
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