Daily Pivots: (S1) 0.7122; (P) 0.7183; (R1) 0.7220; More…
Intraday bias in AUD/USD remains neutral at this point. Considering bearish divergence condition in 4 hour MACD, break of 0.7076 support should confirm short term topping. In this case, intraday bias will be turned back to the downside for 0.6776 support, for correcting the whole rise form 0.5506. Though, break of 0.7243 resistance will extend the rise to 0.7311 long term EMA.
In the bigger picture, rebound from 0.5506 medium term bottom could be correcting whole long term down trend from 1.1079 (2011 high). Further rally would be seen to 55 month EMA (now at 0.7311). This will remain the preferred case as long as it stays above 55 week EMA (now at 0.6790). However, sustained trading below 55 week EMA will turn focus back to 0.5506 low instead.
