Daily Pivots: (S1) 0.7150; (P) 0.7196; (R1) 0.7237; More…
AUD/USD’s breach of 0.7227 suggests resumption of larger rise form 0.5506. Intraday bias is back on the upside for 0.7311 long term EMA. On the downside, break of 0.7076 support should confirm short term topping. That will turn bias back to the downside for 0.6776, for correcting the whole rise from 0.5506.
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 0.6789). However, sustained trading below 55 week EMA will turn focus back to 0.5506 low instead.
