Daily Pivots: (S1) 0.7237; (P) 0.7262; (R1) 0.7285; More….
Intraday bias in AUD/USD remains on the upside at this point. Current development suggests that consolidation pattern from 0.7413 has completed at 0.6991 already. Further rally should be seen to retest 0.7413 high first. Firm break there will resume larger rally from 0.5506. On the downside, however, break of 0.7221 minor support will mix up the near term outlook and turn focus back to 0.6991 support.
In the bigger picture, while rebound from 0.5506 was strong, there is not enough evidence to confirm bullish trend reversal yet. That is, it could be just a correction inside the long term down trend. Sustained trading back below 55 week EMA (now at 0.6969) will favor the bearish case and argue that the rebound has completed. Focus will be turned back to 0.5506 low. On the upside, break of 0.7413 will extend the rise from 0.5506 to 38.2% retracement of 1.1079 (2011 high) to 0.5506 (2020 low) at 0.7635.
