Daily Pivots: (S1) 0.7559; (P) 0.7583; (R1) 0.7599; More…
Intraday bias in AUD/USD is turned neutral with today’s sharp fall that drags 4 hour MACD below signal line. Price actions from 0.7411 is seen as a correction. Break of 0.7502 will argue that it’s completed and bring retest of 0.7411 low. Firm break there 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 case of another recovery, strong resistance should be seen at 38.2% retracement of 0.8135 to 0.7144 at 0.7688 to limit upside and bring decline resumption eventually.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. 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.
