Daily Pivots: (S1) 0.7226; (P) 0.7259; (R1) 0.7318; More…
AUD/USD’s rebound from 0.6992 resumed by breaking through 0.7277 resistance. The development revives the case that correction form 0.8006 has completed after defending 0.6991. Intraday bias is back on the upside for 100% projection of 0.6992 to 0.7277 from 0.7128 at 0.7413 first. For now, further rally will remain in favor as long as 0.7128 support holds, in case of retreat.
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.
