Daily Pivots: (S1) 0.6414; (P) 0.6460; (R1) 0.6541; More…
AUD/USD’s strong rebound argues that rise from 0.5506 is not over yet. Intraday bias stays neutral and focus is back on 0.6595. Break will turn bias to the upside for 0.6670 key resistance next. On the downside, though, break of 0.6372 support will revive the case of short term topping. Intraday bias will be turned back to the downside for 38.2% retracement of 0.5506 to 0.6569 at 0.6163.
In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.
