Daily Pivots: (S1) 0.7465; (P) 0.7501; (R1) 0.7527; More…
AUD/USD continues to lose downside momentum, as seen in 4 hour MACD, as it’s drawing support from 0.7500. But with 0.7583 minor resistance intact, further fall is still expected. Sustained break of 0.7500 key support level will indicate medium term reversal and target next support at 0.7328. Nonetheless, break of 0.7583 will suggest short term bottoming. In that case, stronger rebound would be seen back to 0.7642 support turned resistance.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Decisive break of 0.7500 key support will suggest that such correction is completed. In that case, deeper decline would be seen back to retest 0.6826 low. In case of another rise, 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 eventually.
