Daily Pivots: (S1) 0.7022; (P) 0.7096; (R1) 0.7146; More…
AUD/USD’s sharp decline and strong break of 0.7096 support indicates that recent consolidation from 0.6905 has completed already. Intraday bias is back on the downside for retesting 0.6905 low first. Decisive break there will will bring down trend resumption to 61.8% projection of 0.8161 to 0.6905 from 0.7384 at 0.6608. On the upside, above 0.7105 minor resistance will turn bias neutral and bring consolidations first.
In the bigger picture, the down trend from 1.1079, 2011 high, is still in progress. 61.8% retracement of 0.4773 to 1.1079 at 0.7182 is already met. We’d start to be cautious on long term bottoming, in particular as AUD/USD approaches 0.6008 key support level. Meanwhile, break of 0.7625 support turned resistance is need to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish.
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AUD/USD Every day Outlook
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