Daily Pivots: (S1) 0.7856; (P) 0.7883; (R1) 0.7930; More…
AUD/USD is drawing support from 55 day EMA and recovered Still, with 0.7953 minor resistance intact, intraday bias stays 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. Nonetheless, break of 0.7953 will turn bias back to the upside for retesting 0.8135 high.
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.
