Daily Pivots: (S1) 0.7271; (P) 0.7306; (R1) 0.7325; More…
Intraday bias in AUD/USD remains on the downside as fall from 0.7555 is in progress. As noted before, corrective rise from 0.7105 should have completed with three waves up to 0.7555. Deeper fall would be seen to 0.7169 support first, and then 0.7105 low. We’d look for bottoming signal again at around 0.6991 key support. On the upside, break of 0.7431 resistance is needed to indicate completion of the fall. Otherwise, further decline will remain in favor.
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.
