Daily Pivots: (S1) 0.7333; (P) 0.7397; (R1) 0.7432; More…
Intraday bias in AUD/USD remains on the downside for retesting 0.7309. As noted before, corrective recovery from there has completed at 0.7483 already. Sustained break of 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will extend the larger fall from 0.8135 to 0.7158 support next. On the upside, above 0.7429 minor resistance will delay the bearish case and extend the correction with another rise through 0.7483. But still, upside should be limited below 0.7676 resistance to bring fall resumption eventually.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.
