Daily Pivots: (S1) 0.7850; (P) 0.7901; (R1) 0.7929; More…
AUD/USD’s fall from 0.8135 continues to as low as 0.7847 so far today and touches 55 day EMA (now at 0.7854). Intraday bias remains on the downside. Sustained trading below 55 day EMA will argue that rise from 0.7500 has totally completed and will pave the way to retest this support level. On the upside, above 0.7953 minor resistance will turn intraday bias neutral first. But recovery will likely be limited below 0.8135 resistance at first attempt.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. It might still extend higher but we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption. On the downside, break of 0.7500 support will now be an important signal that such corrective rebound is completed.
. Intraday bias remains on the downside. Sustained trading below 55 day EMA will argue that rise from 0.7500 has totally completed and will pave the way to retest this support level. On the upside, above 0.7953 minor resistance will turn intraday bias neutral first. But recovery will likely be limited below 0.8135 resistance at first attempt. ){kind=link}