Daily Pivots: (S1) 0.7495; (P) 0.7550; (R1) 0.7639; More…
Intraday bias in AUD/USD is turned neutral as it recovered quickly after hitting 0.7461. Still, a short term top should be in place at 0.7639, on bearish divergence condition in 4 hour MACD, hitting 0.7635 long term fibonacci level. Risk stay on the downside for deeper correction. Break of 0.7461 will turn bias to the downside for 55 day EMA (now at 0.7340).
In the bigger picture, the sustained trading above 55 week EMA (now at 0.6994) is a sign of medium term bullishness. Nevertheless, AUD/USD will still need to overcome 38.2% retracement of 1.1079 (2011 high) to 0.5506 (2020 low) at 0.7635 decisively to indicate completion of long term down trend from 1.1079. In that case, next medium term target would be 61.8% retracement at 0.8950. Rejection by 0.7635 will retain long term bearishness instead.
