Daily Pivots: (S1) 0.7057; (P) 0.7083; (R1) 0.7097; More…
AUD/USD’s rebound from 0.7020 accelerates to as high as 0.7199 so far today. The solid break of 0.7159 resistance serves as the first sign of medium term reversal, on bullish convergence condition in 4 hour MACD. Intraday bias is now on the upside for 0.7314 resistance for confirmation. On the downside, though, 0.7122 minor support will retain bearishness and turn bias back to the downside for 0.7020 low.
In the bigger picture, fall from 0.8135 is tentatively treated as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 will target 0.6008 key support next (2008 low). On the upside, break of 0.7314 resistance is needed to indicate medium term bottoming. Otherwise, outlook stays bearish even in case of strong rebound.
