Daily Pivots: (S1) 0.7216; (P) 0.7243; (R1) 0.7286; More…
AUD/USD is staying in range of 0.7105/7288 and intraday bias remains neutral at this point. In case of another fall, through 0.7105, we’d continue to look for strong support from 0.6991/7051 support zone to bring rebound. On the upside, firm break of 0.7288 support turned resistance will indicate short term bottoming, and turn bias back to the upside for 0.7425 resistance next.
In the bigger picture, rise from 0.5506 medium term bottom could have completed at 0.8006, after failing 0.8135 key resistance. Correction from there could target 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051). We’d look for strong support from there to bring rebound. However, sustained break of this level would argue that the whole medium term trend has indeed reversed. Deeper decline would be seen to 61.8% retracement at 0.6461.
