Daily Pivots: (S1) 0.7826; (P) 0.7844; (R1) 0.7880; More…
AUD/USD’s recovery from 0.7758 extends higher today but it’s staying below 0.7909 minor resistance. Intraday bias stays neutral and deeper decline remain in favor. Break of 0.7758 will extend the fall from 0.8135 to 0.7500 key support. At this point, there is no clearly sign of larger trend reversal yet. Hence, we’d look for strong support from 0.7500 to contain downside and bring rebound. On the upside, above 0.7909 minor resistance 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.
