Daily Pivots: (S1) 0.7552; (P) 0.7565; (R1) 0.7592; More…
AUD/USD’s rally resumes by breaking 0.7578 temporary top. Intraday bias is back on the upside for 0.7635 key long term fibonacci level. Decisive break there will carry larger bullish implications. Next target will be 61.8% projection of 0.5506 to 0.7413 from 0.6991 at 0.8170. On the downside, break of 0.7507 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, the sustained trading above 55 week EMA (now at 0.6994) is a sign of medium term bullishness. Nevertheless, AUD/USD will still need to overcome 38.2% retracement of 1.1079 (2011 high) to 0.5506 (2020 low) at 0.7635 decisively to indicate completion of long term down trend from 1.1079. In that case, next medium term target would be 61.8% retracement at 0.8950. Rejection by 0.7635 will retain long term bearishness instead.
