Daily Pivots: (S1) 0.7011; (P) 0.7044; (R1) 0.7101; More…
AUD/USD’s break of 0.7089 resistance suggests that it has tentatively defended 0.6991 key medium term support. Intraday bias is back on the upside for stronger rebound towards 0.7313 resistance. On the downside, sustained break of 0.6991 will resume the larger fall from 0.8006 and carry larger bearish implication.
In the bigger picture, focus remains on 0.6991 key structural support. Sustained break there will argue that the whole 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. Meanwhile, strong rebound from 0.6991 will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress.
