Daily Pivots: (S1) 0.7071; (P) 0.7117; (R1) 0.7142; More…

Intraday bias in AUD/USD is turned neutral as a temporary top was formed at 0.7183, inch below 61.8% projection of 0.6402 to 0.7064 from 0.6776 at 0.7185. Some consolidation could be seen but further rise is expected as long as 0.6963 support holds. Sustained break of 0.7185 will target t long term EMA level at 0.7311 next.

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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.

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