Daily Pivots: (S1) 0.7426; (P) 0.7456; (R1) 0.7474; More…
Intraday bias in AUD/USD remains on the downside for 0.7411 support. Break will resume larger fall from 0.8135 for 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). On the upside, break of 0.7528 minor resistance is needed to indicate completion of the fall from 0.7676. Otherwise, outlook will remain cautiously bearish in case of recovery.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Prior break of 0.7500 key support suggests that such correction is completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. In case of another rise, 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 eventually.
