Daily Pivots: (S1) 0.6952; (P) 0.6983; (R1) 0.7004; More…
Outlook in AUD/USD remains unchanged and intraday bias stays neutral first. Price actions from 0.7064 are seeing as a consolidation pattern. Upside should be limited by 0.7064 to bring another falling leg. On the downside, below 0.6922 minor support will turn bias to the downside for 0.6776 support and below. However, 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 0.7311). This will remain the preferred case as long as it stays above 55 week EMA (now at 0.6750). Sustained trading below 55 week EMA will turn focus back to 0.5506 low instead.
