Daily Pivots: (S1) 0.7174; (P) 0.7249; (R1) 0.7299; More…
Intraday bias in AUD/USD remains neutral with focus on 0.7135 support. Decisive break there will suggest that it’s already correcting the whole rise from 0.5506. Deeper fall would be seen to 38.2% retracement of 0.5506 to 0.7413 at 0.6685. Nevertheless, as long as 0.7135 holds, another rise is still in favor through 0.7413 before topping.
In the bigger picture, rebound from 0.5506 medium term bottom is seen as correcting whole long term down trend from 1.1079 (2011 high). Further rise should be seen to 38.2% retracement of 1.1079 (2011 high) to 0.5506 (2020 low) at 0.7635 next. On the downside, break of 0.6776 support is needed to be the first sign of completion of the rebound. Otherwise, outlook will stay bullish in case of pull back.
