Daily Pivots: (S1) 0.7766; (P) 0.7825; (R1) 0.7856; More…
AUD/USD failed to sustain above 0.7892 resistance and topped at 0.7915. Subsequent sharp fall now turns focus back to 0.7772 minor support. Break there will likely resume the decline from 0.8135 through 0.7712. In that case, AUD/USD should target 0.7500 key support next. On the upside, break of 0.7915 resistance will revive the case of near term reversal. And, intraday bias will be turned back to the upside for 0.8135 top.
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. 
