Daily Pivots: (S1) 0.6816; (P) 0.6857; (R1) 0.6939; More…
AUD/USD’s rally accelerates to as high as 0.6983 so far. There is no sign of topping yet and intraday bias stays on the upside for 0.7031 resistance. On the downside, break of 0.6847 minor support will turn intraday bias neutral first. But near term outlook will stays bullish as long as 0.6569 resistance turned support holds, in case of retreat.
In the bigger picture, the firm break of 0.6826 (2016 low) now suggests that 0.5506 is a medium term bottom. Rebound from there is likely corrective whole long term down trend form 1.1079 (2011 high). Further rally would be seen to 55 month EMA (now at 0.7365). This will remain the preferred case as long as it stays above 55 week EMA (now at 0.6710).
