Daily Pivots: (S1) 0.7023; (P) 0.7062; (R1) 0.7136; More…
Intraday bias in AUD/USD stays on the upside for retesting 0.7187 high. Strong resistance could be seen there on first attempt. But for now, further rally is expected as long as 0.7000 support holds, in case of retreat. Meanwhile, decisive break of 0.7187 will confirm larger up trend resumption.
In the bigger picture, as long as 0.6706 cluster support holds, rise from 0.5913 (2024 low) should still be in progress. Decisive break of 61.8% retracement of 0.8006 to 0.5913 at 0.7206 will solidify the case that it’s already reversing the down trend from 0.8006 (2021 high). However, firm break of 0.6706 will dampen this bullish case, and bring deeper fall back to 0.6420 support, and possibly below.
