Daily Pivots: (S1) 0.7765; (P) 0.7815; (R1) 0.7844; More…
AUD/USD’s strong break of 0.7807 support indicates that rise from 0.7328 has completed at 0.8124. More importantly, whole medium term rise from 0.6826 is possibly completed too. Intraday bias is now on the downside for 382% retracement of 0.6826 to 0.8124 at 0.7628 first. Decisive break there will target 0.7328 key cluster support (61.8% retracement at 0.7322) next. On the upside, break of 0.7874 minor resistance is need to indicate completion of the decline. Otherwise, outlook will now be cautiously bearish.
In the bigger picture, rise from 0.6826 medium term bottom is seen as corrective pattern. In case of further rally, strong resistance should be seen at 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside. Meanwhile, firm break of 0.7807 is the first signal that such correction is focused. Break of 0.7328 will bring retest of 0.6826 low.
