Daily Pivots: (S1) 0.7124; (P) 0.7146; (R1) 0.7185; More…

Intraday bias in AUD/USD remains neural as range trading continues. On the upside, break of 0.7227 will resume the rise form 0.5506 to 0.7311 long term EMA. On the downside, break of 0.7063 confirm short term topping. That will turn bias back to the downside for 0.6776, for correcting the whole rise from 0.5506.

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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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