Daily Pivots: (S1) 0.7128; (P) 0.7152; (R1) 0.7194; More…
Despite breaching 0.7168 resistance, AUD/USD quickly retreated and intraday bias is turned neutral again first. On the downside, break of 0.7109 minor support will turn bias back to the downside for 0.7003/7052 support zone. On the upside, above 0.7174 will target 0.7206 resistance. Break will likely resume rise from 0.6722 through 0.7295 high.
In the bigger picture, as long as 0.7393 resistance holds, fall from 0.8135 is still expected to extend. Such decline is seen as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.
