Daily Pivots: (S1) 0.7372; (P) 0.7396; (R1) 0.7432; More…
AUD/USD recovers after hitting 0.7359 and intraday bias is turned neutral first. Corrective pattern from 0.7309 could extend with another rise through 0.7483 resistance. But even in that case, upside should be limited below 0.7676 resistance to bring fall resumption eventually. On the downside, decisive 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.
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.
