Daily Pivots: (S1) 0.7403; (P) 0.7421; (R1) 0.7439; More…
Intraday bias in AUD/USD is turned neutral with current retreat, and some consolidations could be seen first. Further rise is in favor with 0.7322 minor support intact. Above 0.7439 will target 0.7477 resistance first. Firm break there will argue that larger decline from 0.8006 has completed and turn near term outlook bullish. Next target is 100% projection of 0.7105 to 0.7477 from 0.7169 at 0.7541, and then 161.8% projection at 0.7771. On the downside, though, below 0.7322 minor support will dampen the bullish case and turn bias back to the downside for 0.7169 support instead.
In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.
