Daily Pivots: (S1) 0.7246; (P) 0.7292; (R1) 0.7319; More…
Intraday bias in AUD/USD remains neutral at this point. Consolidation from 0.7413 might extend further. But after all, near term will remain bullish as long as 0.7135 support holds. Break of 0.7413 will resume larger rise from 0.5506 to 0.7635 long term fibonacci level next. Nevertheless, sustained break of 0.715 will confirm short term topping and bring deeper pull back towards 0.6776 support.
In the bigger picture, rebound from 0.5506 medium term bottom is seen as correcting whole long term down trend from 1.1079 (2011 high). Further rise should be seen to 38.2% retracement of 1.1079 (2011 high) to 0.5506 (2020 low) at 0.7635 next. On the downside, break of 0.6776 support is needed to be the first sign of completion of the rebound. Otherwise, outlook will stay bullish in case of pull back.
