Daily Pivots: (S1) 0.7216; (P) 0.7231; (R1) 0.7255; More…
AUD/USD’s rise from 0.6992 continues today and edges higher to 0.7263. Intraday bias stays on the upside. Sustained trading above 55 day EMA (now at 0.7236) will argue that fall from 0.8006 has completed at 0.6992, after defending 0.6991 support. Further rally would be seen to 0.7555 resistance for confirmation. On the downside, below 0.7205 minor support will mix up the near term outlook and turn intraday bias neutral first.
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.
