Daily Pivots: (S1) 0.7551; (P) 0.7587; (R1) 0.7617; More…
Intraday bias in AUD/USD remains neutral as consolidation from 0.7639 is extending. Risk will stay on the downside as long as 0.7639 holds as consolidation from there could extend. Break of 0.7461 will target 55 day EMA (now at 0.7379). Nevertheless, firm break of 0.7639 will confirm resumption of whole up trend from 0.5506.
In the bigger picture, the sustained trading above 55 week EMA (now at 0.7075) is a sign of medium term bullishness. Nevertheless, AUD/USD will still need to overcome 38.2% retracement of 1.1079 (2011 high) to 0.5506 (2020 low) at 0.7635 decisively to indicate completion of long term down trend from 1.1079. In that case, next medium term target would be 61.8% retracement at 0.8950. Rejection by 0.7635 will retain long term bearishness instead.
