Daily Pivots: (S1) 0.7180; (P) 0.7245; (R1) 0.7278; More…
AUD/USD’s correction from 0.7413 is still in progress but downside is contained above 0.7135 support so far. Intraday bias remains neutral at this point. Rise from 0.5506 is still in favor to resume sooner, rather than later, through 0.7413. Nevertheless, decisive break of 0.7135 will confirm short term topping, and turn bias to the downside for 55 day EMA (0.7115) and below.
In the bigger picture, rebound from 0.5506 medium term bottom is seen as correcting whole long term down trend from 1.1079 (2011 high). Further rise should be seen to 38.2% retracement of 1.1079 (2011 high) to 0.5506 (2020 low) at 0.7635 next. On the downside, break of 0.6776 support is needed to be the first sign of completion of the rebound. Otherwise, outlook will stay bullish in case of pull back.
