Daily Pivots: (S1) 0.7118; (P) 0.7139; (R1) 0.7164; More…
AUD/USD’s decline continues today and break of 0.7105 indicates resumption of whole fall from 0.8006. Intraday bias stays on the downside for 0.6991 key structural support next. On the upside, break of 0.7158 minor resistance will turn bias back to the upside for stronger rebound first.
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. However, sustained break of 0.6991 will argue that the whole medium term trend has probably reversed. Deeper fall would be seen to 61.8% retracement at 0.6461.
