Daily Pivots: (S1) 0.7085; (P) 0.7111; (R1) 0.7131; More…
Intraday bias in AUD/USD is mildly on the downside at this point. Rebound from 0.6992 could have completed at 0.7185. Deeper fall would be seen back to retest 0.6992 low. Sustained break of 0.6991 key medium term structural support will carry larger bearish implication and resume the fall from 0.8006. On the upside, though, above 0.7185 will resume the rebound from 0.6992 to 4 hour 555 EMA (now at 0.7259).
In the bigger picture, sustained break of 0.6991 structural support will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461). For now, medium term outlook will stay bearish as long as 0.7555 resistance holds, in case of rebound.
