Daily Pivots: (S1) 0.7273; (P) 0.7297; (R1) 0.7340; More…
Intraday bias in AUD/USD stays mildly on the upside at this point. Rebound from 0.7201 short term bottom is in progress for 0.7346 support turned resistance. Buy upside is expected to be limited there to bring larger decline resumption. On the downside, break of 0.7201 will extend the fall from 0.8135, to 100% projection of 0.7676 to 0.7309 from 0.7452 at 0.7085.
In the bigger picture, medium term rebound from 0.6826 (2016 low) is seen as a corrective move that should be completed at 0.8135. Fall from there should now have a test on 0.6826. There is prospect of resuming long term down trend from 1.1079 (2011 high). But we’ll look at downside momentum to assess at a later stage. On the upside, break of 0.7452 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.
