Daily Pivots: (S1) 0.7698; (P) 0.7739; (R1) 0.7805; More…
AUD/USD rebounded after hitting 0.7671 and intraday bias is turned neutral first. At this point, the pair is staying in a near term falling channel. And, with 0.7915 resistance intact, deeper fall is still expected. Below 0.76171 will turn bias to the downside and resume whole fall from 0.8135 to 0.7500 key support level.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. It might still extend higher but we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption. On the downside, break of 0.7500 support will now be an important signal that such corrective rebound is completed. In that case, AUD/USD would be heading back to 0.6826 low in medium term.
