Daily Pivots: (S1) 0.7821; (P) 0.7881; (R1) 0.7977; More…
Intraday bias in AUD/USD remains on the upside for 61.8% projection of 0.6826 to 0.7833 from 0.7328 at 0.7950. Decisive break there will target 100% projection at 0.8335 next. On the downside, below 0.7838 minor support will turn intraday bias neutral and bring pull back. But downside should be contained by 0.7711 resistance turned support to bring rally resumption.
In the bigger picture, current development suggests that rebound from 0.6826 is developing into a medium term rise. There is no confirmation of trend reversal yet and we’ll continue to treat such rebound as a corrective pattern. But in any case, further rise is now expected to 55 month EMA (now at 0.8100) or even further to 38.2% retracement of 1.1079 to 0.6826 at 0.8451. Break of 0.7328 support is needed to confirm completion of the rebound. Otherwise, further rise is now expected.
