Daily Pivots: (S1) 0.7119; (P) 0.7148; (R1) 0.7203; More…
AUD/USD’s rebound from 0.6992 resumes by breaking through 0.7185. Intraday bias is back on the upside for 55 day EMA (now at 0.7255). Sustained trading above there will raise the chance that whole correction from 0.8006 has completed, after defending 0.6991 key structural support. Further rally would then be seen back to 0.7555 resistance. On the downside, below 0.7089 minor support will turn bias back to the downside for 0.6991 key support again.
In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.
