Daily Pivots: (S1) 0.7076; (P) 0.7125; (R1) 0.7154; More…
Intraday bias in AUD/USD is turned neutral again as recovery from 0.7061 quickly lost momentum. On the upside, above 0.7172 will resume the rebound to 55 day EMA (now at 0.7308). On the downside, break of 0.7061 will extend the larger fall form 0.8006. But we’d look for support from 0.6991/7051 key support zone to bring rebound. However, sustained break there will carry larger bearish implications.
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. However, sustained break of 0.6991 will argue that the whole medium term trend has probably reversed. Deeper fall would be seen to 61.8% retracement at 0.6461.
