Daily Pivots: (S1) 0.6988; (P) 0.7002; (R1) 0.7032; More…

AUD/USD’s focus is now on 0.7064 resistance with today’s rally. Decisive break there will resume larger rise from 0.5506. On the downside, though, break of 0.6963 support will suggest rejection from 0.7064. Intraday bias will be turned back to the downside for 0.6676 support and below.

- advertisement -

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.