Daily Pivots: (S1) 0.7141; (P) 0.7185; (R1) 0.7220; More…
Intraday bias in AUD?USD remains on the downside at this point. The corrective rebound from 0.7020 should have completed at 0.7393 already. Deeper fall should be seen back to retest 0.7020 low first. On the upside, break of 0.7246 resistance will delay the bearish case and turn bias back to the upside. Rebound from 0.7020 could probably head to 38.2% retracement of 0.8135 to 0.7020 at 0.7446 before completion.
In the bigger picture, a medium term bottom is in place at 0.7020 ahead of 0.6826 key support (2016 low). Stronger rebound could still be seen to correct the whole fall from 0.8135 high. But we’d expect strong resistance from 0.7500 support turned resistance to limit upside. Medium term fall from 0.8135 should resume later and extend to take on 0.6826 low at a later stage, after the correction from 0.7020 completes.
