Daily Pivots: (S1) 0.7121; (P) 0.7149; (R1) 0.7185; More…
AUD/USD’s break of 0.7183 temporary top suggests rally resumption. Intraday bias is back on the upside for long term EMA level at 0.7311 next. On the downside, however, firm break of 0.7063 support 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.
