Daily Pivots: (S1) 0.7119; (P) 0.7148; (R1) 0.7203; More…
Intraday bias in AUD/USD remains neutral at this point. On the upside, break of 0.7185 will resume the rebound from 0.6992, and turn bias back to the upside for 55 day EMA (now at 0.7255). Sustained trading above there will raise the chance that correction form 0.8006 has completed. On the downside, below 0.7089 minor support will turn bias back to the downside for 0.6991 key support again.
In the bigger picture, sustained break of 0.6991 structural support will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461). For now, medium term outlook will stay bearish as long as 0.7555 resistance holds, in case of rebound.
