Daily Pivots: (S1) 0.7148; (P) 0.7176; (R1) 0.7193; More…
Intraday bias in AUD/USD is turned neutral after failing to take out 0.7235 resistance and retreated. For now, as long as 0.7076 support holds, further rise is still expected. On the upside, break of 0.7235 will extend the rebound from 0.6722 to 0.7393 resistance next. We’d expect strong resistance from there to limit upside.
In the bigger picture, the failure to sustain below 0.6826 (2016 low) suggests that the long term down trend is not ready to resume yet. But prior rejection by 55 week EMA indicates underlying medium term bearishness in the pair. Outlook will also bearish as long as 0.7393 resistance holds. On the downside, sustained break of 0.6826 will target 0.6008 (2008 low).
