Daily Pivots: (S1) 0.7109; (P) 0.7146; (R1) 0.7178; More…
AUD/USD rises to as high as 0.7183 so far, just inch below 61.8% projection of 0.6402 to 0.7064 from 0.6776 at 0.7185. Intraday bias stays on the upside first. Sustained break of 0.7185 will target t long term EMA level at 0.7311 next. On the downside, break of 0.6963 support is needed to confirm short term topping. Otherwise, outlook will remain bullish in case of retreat.
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.
