Daily Pivots: (S1) 0.7639; (P) 0.7685; (R1) 0.7715; More…

AUD/USD recovers mildly today but intraday bias remains on the downside with 0.7702 minor resistance intact. Break of 0.7642 support will resume the whole decline from 0.8135 and target 0.7500 key support level next. Break there will indicate medium term reversal. On the upside, above 0.7702 minor resistance will turn intraday bias neutral and bring consolidations. But recovery should be limited below 0.7812 resistance to bring fall resumption.

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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. In that case, AUD/USD would be heading back to 0.6826 low in medium term.

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