Daily Pivots: (S1) 0.7558; (P) 0.7577; (R1) 0.7603; More…
AUD/USD’s rebound from 0.7158 resumed by taking out 0.7608 and reaches as high as 0.7651 so far. Intraday bias is back on the upside for 0.7777 resistance next. At this point, we’d still 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 0.7510 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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