Daily Pivots: (S1) 0.7142; (P) 0.7162; (R1) 0.7193; More…
Intraday bias in AUD/USD remains mildly on the upside for the moment. A short term bottom should be formed at 0.6992, just ahead of 0.6991 key structural support. Further rise would be seen to EMA (now at 0.7266). On the downside, however, break of 0.7116 minor support will turn bias back to the downside for 0.6991. Sustained break there will carry larger bearish implication.
In the bigger picture, sustained break of 0.6991 cluster support will argue that the who up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461). For now, medium term outlook will stay bearish as long as 0.7555 resistance holds, in case of rebound.
