Daily Pivots: (S1) 0.6911; (P) 0.6955; (R1) 0.6987; More…
Intraday bias in AUD/USD remains neutral and outlook is unchanged. We’d still expect corrective pattern from 0.7064 to extend with another falling leg before completion. On the downside, below 0.6901 minor support will turn bias to the downside for 0.6776 support. Break there will target 38.2% retracement of 0.5506 to 0.7064 at 0.6469. Nevertheless, sustained break of 0.7064 will resume whole rise from 0.5506 instead.
In the bigger picture, rebound from 0.5506 medium term bottom could be correcting whole long term down trend from 1.1079 (2011 high). Further rally would be seen to 55 month EMA (now at 0.7310). This will remain the preferred case as long as it stays above 55 week EMA (now at 0.6734). Sustained trading below 55 week EMA will turn focus back to 0.5506 low instead.
