Daily Pivots: (S1) 0.6338; (P) 0.6373; (R1) 0.6420; More…
AUD/USD’s rebound from 0.5506 continues today and met 61.8% projection of 0.5506 to 0.6213 from 0.5979 at 0.6416. there is no sign of topping yet. Current rise could target 100% projection at 0.6686, which is close to 0.6684 key resistance. On the downside, though, break of 0.6213 resistance turned support will argue that such rebound has completed. Intraday bias will be turned back to the downside for 0.5979 support for confirmation.
In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, break of 0.6670 support turned resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.
