Daily Pivots: (S1) 0.7118; (P) 0.7135; (R1) 0.7158; More…
AUD/USD’s corrective rise from 0.7040 is still in progress and further rise cannot be ruled out. But upside should be limited well below 0.7314 resistance to bring fall resumption. On the downside, below 0.7098 minor support will turn bias to the downside for 0.7040 low first. Break there will resume recent down trend to 61.8% projection of 0.7676 to 0.7084 from 0.7314 at 0.6948 next.
In the bigger picture, fall from 0.8135 is tentatively treated as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 will target 0.6008 key support next (2008 low). However, break of 0.7500 support turned resistance will argue that the corrective pattern from 0.6826 is going to extend with another rising leg before completion.
