Daily Pivots: (S1) 0.6527; (P) 0.6539; (R1) 0.6557; More…
AUD/USD’s rise from 0.5506 resumes today and reaches as high as 0.6652 so far. Intraday bias is back on the upside for 0.6670 key resistance next. Rejection from there, followed by 0.6505 support will indicate short term topping. Intraday bias is turned back to the downside for 0.6402 support first. However, sustained break of 0.6670 will carry larger bullish implications and target 0.7031 key resistance next.
In the bigger picture,the larger down trend from 1.1079 (2011 high) might still extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next. Decisive break there will turn outlook bullish for 0.8135 (2017 high) next.
