Daily Pivots: (S1) 0.6477; (P) 0.6523; (R1) 0.6556; More…
AUD/USD’s retreat from 0.6569 continues today and focus is now on 0.6444 resistance turned support. Sustained break there should confirm short term topping, on bearish divergence in 4 hour MACD. Intraday bias will be turned back to the downside for 0.6253 support first. Further break there will indicate completion of whole rebound from 0.5506 and turn outlook bearish. Though, above 0.6569 will extend the rebound to 0.6670 key resistance.
In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.
