Daily Pivots: (S1) 0.7083; (P) 0.7117; (R1) 0.7157; More…

AUD/USD is holding in range of 0.7063/7227 and intraday bias remains neutral first. Daily and 4 hour MACDs suggest that a short term top could have been formed. On the downside, break of 0.7063 will turn bias back to the downside for 0.6776, for correcting the whole rise from 0.5506. Nevertheless, above 0.7227 will extend the rally towards 0.7311 long term EMA.

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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 0.6789). However, sustained trading below 55 week EMA will turn focus back to 0.5506 low instead.

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