Daily Pivots: (S1) 0.7109; (P) 0.7129; (R1) 0.7171; More…
Intraday bias in AUD/USD remains neutral first as it fails to break through 0.7183 temporary top. More sideway trading could be seen but further rise is expected as long as 0.7063 support holds. On the upside, break of 0.7183 will target long term EMA level at 0.7311 next. However, firm break of 0.7063 will now suggests short term topping. Intraday bias will be turned back to the downside for 0.6776 support instead.
In the bigger picture, rebound from 0.5506 medium term bottom could be correcting whole long term down trend from 1.1079 (2011 high). Further rally would be seen to 55 month EMA (now at 0.7311). This will remain the preferred case as long as it stays above 55 week EMA (now at 0.6763). However, sustained trading below 55 week EMA will turn focus back to 0.5506 low instead.
