Daily Pivots: (S1) 0.6508; (P) 0.6532; (R1) 0.6577; More…
A temporary top should be formed in AUD/USD at 0.6569, with today’s retreat. Intraday bias is turned neutral first. Another rise could still be seen as long as 0.6444 resistance turned support holds. Above 0.6569 will extend the rebound from 0.5506 to 0.6670 key resistance. On the downside, sustained break of 0.6444 will suggest short term topping on bearish divergence in 4 hour MACD. Intraday bias will be turned back to the downside for 0.6253 support first.
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, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.
