Daily Pivots: (S1) 0.7107; (P) 0.7147; (R1) 0.7217; More…
Intraday bias in AUD/USD remains on the upside for 0.7235 resistance. Corrective pull back from there should have completed at 0.7076 and rise from 0.6722 is possibly resuming. On the upside, break of 0.7235 will confirm this bullish case and target 0.7393 resistance next. We’d expect strong resistance from there to limit upside. For now, in case of retreat, near term outlook will stays cautiously bullish as long as 0.7076 support holds.
In the bigger picture, the failure to sustain below 0.6826 (2016 low) suggests that the long term down trend is not ready to resume yet. But prior rejection by 55 week EMA indicates underlying medium term bearishness in the pair. Outlook will also bearish as long as 0.7393 resistance holds. On the downside, sustained break of 0.6826 will target 0.6008 (2008 low).
