Daily Pivots: (S1) 0.7172; (P) 0.7193; (R1) 0.7231; More…
Intraday bias in AUD/USD stays neutral for the moment. On the upside, break of 0.7277 will resume the rebound from 0.6992. Such development would also revive the case that correction form 0.8006 has completed after defending 0.6991. Further rally would be seen to 0.7555 resistance for confirmation. On the downside, however, break of 0.7128 will indicate rejection by 55 day EMA, and turn bias back to the downside for retesting 0.6991/2 key support zone.
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.
