Daily Pivots: (S1) 0.6696; (P) 0.6749; (R1) 0.6851; More…
Intraday bias in AUD/USD remains on the upside at this point. Decisive break of 0.6826 will carry larger bullish implication. Rise from 0.5506 should target 0.7031 resistance next. On the downside, though, break of 0.6567 support will indicate rejection by 0.6826. Intraday bias will be turned back to the downside for 0.6402 support instead.
In the bigger picture, while the rebound from 0.5506 is stronger than expected, we’re seeing it as corrective the fall from 0.8135 only (2018 high) to 0.5506. Strong resistance should be seen from 0.6826 (2016 low) to limit upside. However, sustained break of 0.6826 will argue that rise from 0.5506 is at least correcting the fall from 1.1079 (2011 high). Stronger rally would be seen to 55 month EMA (now at 0.7365).
