Daily Pivots: (S1) 0.7519; (P) 0.7543; (R1) 0.7563; More…
Intraday bias in AUD/USD remains mildly on the upside as rebound from 0.7411 short term bottom is in progress. Further rally could be seen to 38.2% retracement of 0.8135 to 0.7144 at 0.7688. But we’d expect strong resistance from there to limit upside to bring decline resumption. On the downside, break of 0.7411 will resume the fall from 0.8135 and target cluster support at 0.7328 (61.8% retracement of 0.6826 to 0.8135 at 0.7326).
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Decisive break of 0.7500 key support suggests that such correction is completed at 0.8135. 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.
