Daily Pivots: (S1) 0.6700; (P) 0.6712; (R1) 0.6728; More...
AUD/USD retreated after edging higher to 0.6726 and intraday bias is turned neutral first. Further rally is expected as long as 0.6592 support holds. On the upside, sustained trading above 0.6713 fibonacci level will carry larger bullish implications. Next near term target will be 61.8% projection of 0.5913 to 0.6706 from 0.6420 at 0.6910.
In the bigger picture, the break of multi-year falling trend line resistance suggests that rise from 0.5913 is possibly reversing whole down trend from 0.8006 (2021 high). Decisive break of 38.2% retracement of 0.8006 to 0.5913 at 0.6713 will solidify this case, and bring further rally to 61.8% retracement at 0.7206. On the downside, however, firm break of 0.6420 support will suggest rejection by 0.6713 and retain medium term bearishness.
