Daily Pivots: (S1) 1.0066; (P) 1.0141; (R1) 1.0195; More
Intraday bias in AUD/USD remains on the downside for the moment and current fall should target 100% projection of 1.0852 to 1.0225 from 1.0473 at 0.9846 next. On the upside, above 1.0219 minor resistance will turn bias neutral again and bring consolidations. But in that case, upside of recovery is expected to be limited below 1.0473 resistance and bring fall resumption.
In the bigger picture, price actions from 1.1079 high are treated as a consolidation pattern in the larger up trend. Current development suggest that the third leg has started at 1.0852 and deeper decline would now be seen to 0.9387/9663 support zone. Though, strong support is expected from there to contain downside and bring rebound. Meanwhile, above 1.0473 will dampen this bearish view and bring another rise to extend the rebound from 0.9387 to 1.0852/1079 zone.
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