Daily Pivots: (S1) 0.7035; (P) 0.7107; (R1) 0.7144; More…
A temporary low is formed at 0.7016 with today’s recovery. Intraday bias in AUD/USD is turned neutral first. But further decline is expected as long as 0.7192 support turned resistance holds. Fall from 0.7413 is seen as correcting whole rise from 0.5506. Break of 0.7016 will target 38.2% retracement of 0.5506 to 0.7413 at 0.6685.
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). There is no confirmation that it’s completed. Another rise could still be seen to 38.2% retracement of 1.1079 (2011 high) to 0.5506 (2020 low) at 0.7635 before topping. However, sustained trading below 55 week EMA (now at 0.6888) will raise the chance that it’s finished and turn focus back to 0.5506 low.
