Daily Pivots: (S1) 0.7851; (P) 0.7865; (R1) 0.7885; More…
AUD/USD’s rebound from 0.7712 is still in progress and intraday bias remains on the upside. Prior break of near term trend line resistance is taken as first sign of reversal. Break of 0.7892 resistance will affirm this bullish case and target 0.7988 and above. On the downside, below 0.7772 will turn bias to the downside for 0.7712. Break there will resume whole fall from 0.8135.
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.
