Daily Pivots: (S1) 0.6927; (P) 0.6970; (R1) 0.7009; More…
Intraday bias in AUD/USD remains neutral first with focus on 0.7031 key resistance. On the downside, break of 0.6856 minor support will suggest short term topping, after rejection by 0.79031. Intraday bias will be turned back to the downside for pull back towards 0.6569 resistance turned support. Nevertheless, decisive break of 0.7031 will extend the rise from 0.5506.
In the bigger picture, the firm break of 0.6826 (2016 low) now suggests that 0.5506 is a medium term bottom. Rebound from there is likely correcting whole long term down trend form 1.1079 (2011 high). Further rally would be seen to 55 month EMA (now at 0.7326). This will remain the preferred case as long as it stays above 55 week EMA (now at 0.6721).
