Daily Pivots: (S1) 0.7383; (P) 0.7405; (R1) 0.7438; More…
Intraday bias in AUD/USD remains on the upside for 0.7477 resistance. Sustained break there will argue that larger decline from 0.8006 has completed and turn near term outlook bullish. Next targets will be 100% projection of 0.7105 to 0.7477 from 0.7169 at 0.7541, and then 161.8% projection at 0.7771. On the downside, though, below 0.7322 minor support will dampen the bullish case and turn intraday bias neutral again first.
In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.
