Daily Pivots: (S1) 0.6508; (P) 0.6532; (R1) 0.6577; More…
Intraday bias in AUD/USD remains on the upside at this point. Current rise from 0.5506 should target 0.6670 key resistance. On the downside, below 0.6505 minor support will turn intraday bias neutral first. Further break of 0.6253 support will argue that rebound from 0.5506 has completed.
In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.
