Daily Pivots: (S1) 0.7836; (P) 0.7867; (R1) 0.7888; More…
AUD/USD lost momentum after failing to stay above 0.7892 resistance. Intraday bias is turned neutral first. We’re slightly favoring the case that corrective pull back from 0.8135 has completed with three waves down to 0.7712. Further rise is expected as long as 0.7772 minor support holds. Above 0.7892 again will target 0.7988 resistance. Decisive break there will bring larger rally resumption. Nonetheless, on the downside. On the downside, below 0.7772 will turn bias to the downside for 0.7712. Break there will resume whole fall from 0.8135.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. It might still extend higher but we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption. On the downside, break of 0.7500 support will now be an important signal that such corrective rebound is completed.
