Daily Pivots: (S1) 0.7514; (P) 0.7543; (R1) 0.7575; More…
Intraday bias in AUD/USD remains neutral for the moment. The pair has been losing upside momentum with bearish divergence condition in 4 hours MACD. Break of 0.7448 support will indicate that rebound from 0.7158 has completed. That will turn bias to the downside for 0.7144 key support level. Above 0.7608 will bring another rise but upside should be limited by 0.7777/7833 resistance zone to bring near term reversal.
In the bigger picture, AUD/USD is staying inside long term falling channel and it’s likely that the down trend from 1.1079 is still in progress. Break of 0.6826 low will confirm this bearish case. We’ll be looking for bottoming sign again as it approaches 0.6008 key support level. Meanwhile, sustained break of 0.7833 resistance will be a strong sign of medium term reversal.
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