Daily Pivots: (S1) 0.6811; (P) 0.6862; (R1) 0.6923; More…
Intraday bias in AUD/USD remains on the downside at this point. Corrective fall from 0.7064 short term top is in progress. Deeper fall would be seen to 38.2% retracement of 0.5506 to 0.7064 at 0.6469. On the upside, firm break of 0.7031/64 is needed to confirm rise resumption. Otherwise, risk will now stay mildly on the downside in case of recovery.
In the bigger picture, rebound from 0.5506 medium term bottom could be correcting whole long term down trend form 1.1079 (2011 high). Further rally would be seen to 55 month EMA (now at 0.7340). This will remain the preferred case as long as it stays above 55 week EMA (now at 0.6717). Sustained trading below 55 week EMA will turn focus back to 0.5506 low instead.
