Daily Pivots: (S1) 0.7620; (P) 0.7667; (R1) 0.7697; More…
Intraday bias in AUD/USD remains neutral with focus on 0.7624 support. Decisive break there will resume the whole decline from 0.8124. And, AUD?USD should target next key cluster level at 0.7322/8. In case of another rise, upside of recovery should be limited well below 0.7896 resistance to bring fall resumption.
In the bigger picture, corrective rise from 0.6826 medium term bottom is likely completed at 0.8124, after hitting 55 month EMA (now at 0.8067). Decisive break of 0.7328 key cluster support (61.8% retracement 0.6826 to 0.8124 at 0.7322) will confirm. And in that case, long term down trend from 1.1079 (2011 high) will likely be resuming. Break of 0.6826 will target 61.8% projection of 1.1079 to 0.6826 from 0.8124 at 0.5496. This will now be the favored case as long as 0.7896 near term resistance holds.
