Daily Pivots: (S1) 0.6888; (P) 0.6938; (R1) 0.6993; More…
Further rise is mildly in favor in AUD/USD with focus on 0.7031 resistance. Decisive break there will carry larger bullish implications. On the downside, break of 0.6856 minor support suggest short term topping. Intraday bias will be turned back to the downside for 4 hour 55 EMA (now at 0.6766) and below.
In the bigger picture, the firm break of 0.6826 (2016 low) now suggests that 0.5506 is a medium term bottom. Rebound from there is likely correcting whole long term down trend form 1.1079 (2011 high). Further rally would be seen to 55 month EMA (now at 0.7365). This will remain the preferred case as long as it stays above 55 week EMA (now at 0.6710).
