Daily Pivots: (S1) 0.7519; (P) 0.7542; (R1) 0.7559; More….
At this point, AUD/USD is still bounded in right range below 0.7566 temporary top and intraday bias remains neutral first. With 0.7456 minor support intact, further rally is in favor. Above 0.7566 will extend the rise from 0.7328 and target 0.7748 resistance. In that case, we’ll be cautious on topping again as it approaches medium term fibonacci level at 0.7849. On the downside, below 0.7456 minor support will turn bias back to the downside for 0.7328 short term bottom.
In the bigger picture, we’re still treating price actions from 0.6826 low as a corrective pattern. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8091) and above.
