Daily Pivots: (S1) 0.7144; (P) 0.7171; (R1) 0.7190; More…
Intraday bias in AUD/USD is turned neutral with current retreat and some consolidations would be seen below 0.7197 temporary top first. Further rally is expected as long as 0.7000 support holds. Above 0.7917 will resume larger up trend to 61.8% projection of 0.6420 to 0.7187 from 0.6832 at 0.7306. Decisive break there could prompt upside acceleration to 100% projection at 0.7599.
In the bigger picture, rise from 0.5913 (2024 low) is still 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). Further rally should then be seen to retest 0.8006. For now, outlook will remain bullish as long as 0.6832 support holds, in case of pullback.
