Daily Pivots: (S1) 0.7344; (P) 0.7374; (R1) 0.7407; More…

AUD/USD’s rally is still in progress and intraday bias remains on the upside. Current rise should target 0.7635 long term fibonacci level next. On the downside, below 0.7340 minor support will turn intraday bias neutral first. But break of 0.7135 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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In the bigger picture, rebound from 0.5506 medium term bottom is seen as correcting whole long term down trend from 1.1079 (2011 high). Further rise should be seen to 38.2% retracement of 1.1079 (2011 high) to 0.5506 (2020 low) at 0.7635 next. On the downside, break of 0.6776 support is needed to be the first sign of completion of the rebound. Otherwise, outlook will stay bullish in case of pull back.

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