Daily Pivots: (S1) 0.7997; (P) 0.8022; (R1) 0.8071; More…
AUD/USD surges to as high as 0.8118 as recent rally finally resumes. Intraday bias is back on the upside for 100% projection of 0.6826 to 0.7833 from 0.7328 at 0.8335 next. On the downside, below 0.8027 minor support will turn intraday bias neutral first. But retreat should be contained well above 0.7807 support to bring rally resumption.
In the bigger picture, rise from 0.6826 medium term bottom is still in progress. At this point, there is no confirmation of trend reversal yet and we’ll continue to treat such rebound as a corrective pattern. But in any case, break of 55 month EMA (now at 0.8087) will target 38.2% retracement of 1.1079 to 0.6826 at 0.8451. Break of 0.7807 support is needed to to be the first sign of completion of the rebound. Otherwise, further rise is now in favor.
