Daily Pivots: (S1) 0.7427; (P) 0.7456; (R1) 0.7505; More….
AUD/USD rises to as high as 0.7503 so far today and intraday bias remains on the upside. Break of 0.7477 resistance indicates resumption of the rebound form 0.7105. Current development also suggest that larger decline from 0.8006 has completed. Next target is 100% projection of 0.7105 to 0.7477 from 0.7169 at 0.7541, and then 161.8% projection at 0.7771. On the downside, break of 0.7377 minor support will turn intraday bias neutral first.
In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.
