Daily Pivots: (S1) 0.7145; (P) 0.7160; (R1) 0.7188; More…
AUD/USD is staying in consolidation from 0.7243 and intraday bias remains neutral first. As long as 0.7076 support holds, another rally could still be seen. Break of 07243 will resume larger rise from 0.5506. Nevertheless, considering bearish divergence condition in 4 hour MACD, break of 0.7076 support should confirm short term topping. In this case, intraday bias will be turned back to the downside for 0.6776 support.
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 0.6804). However, sustained trading below 55 week EMA will turn focus back to 0.5506 low instead.
