Daily Pivots: (S1) 0.7738; (P) 0.7773; (R1) 0.7795; More…
Intraday bias in AUD/USD remains neutral at this point. Another rise in favor as long as 0.7725 minor support holds. Above 0.7809 will target 0.7915 resistance first. Break there will confirm that whole decline from 0.8135 has completed. However, below 0.7725 will bring retest of 0.7642 low instead.
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. In that case, AUD/USD would be heading back to 0.6826 low in medium term.
