Daily Pivots: (S1) 0.6714; (P) 0.6755; (R1) 0.6829; More…
AUD/USD’s rally accelerates to as high as 0.6888 so far today. Intraday bias stays on the upside at this point. Decisive break of 0.6898 resistance will firstly confirm resumption of rise from 0.6457. Secondly, that should also confirm completion of the fall from 0.7156 at 0.6457. Next target will be 100% projection of 0.6457 to 0.6898 from 0.6594 at 0.7035, and then 0.7156 resistance. On the downside, however, below 0.6840 minor support will turn intraday bias neutral first.
In the bigger picture, price actions from 0.7156 are seen as a correction to the rebound from 0.6169 (2022 low). Break of 0.6898 resistance will argue that rise from 0.6169 is ready to resume through 0.7156. Next target will be 100% projection of 0.6169 to 0.7156 from 0.6457 at 0.7444. For now, this will be the favored case as long as 55 D EMA (now at 0.6697) holds.
