Daily Pivots: (S1) 0.7477; (P) 0.7495; (R1) 0.7517; More…
Intraday bias in AUD/USD is turned neutral for the moment. Rise from 0.7158 is likely completed at 0.7748. And, near term trend has reversed. Sustained break of 0.7490 support should confirm this bearish case. And, deeper fall should be seen back to 0.7158 support zone next. On the upside, above 0.7351 minor resistance with dampen this view and turn bias back to the upside for 0.7586/7678 resistance zone instead.
In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8142) and above.
