Daily Pivots: (S1) 0.7287; (P) 0.7318; (R1) 0.7359; More…
Intraday bias in AUD/USD remains on the upside at this point. Corrective decline from 0.8006 could have completed at 0.6966 after hitting 0.6991 key support. Further rise should be seen to 0.7555 resistance for confirmation. On the downside, break of 0.7237 minor support will turn intraday bias neutral first. But further rally is still in favor as long as 0.7093 support holds.
In the bigger picture, focus remains on 0.6991 key structural support. Sustained break there 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. Meanwhile, strong rebound from 0.6991 will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress.
