Daily Pivots: (S1) 0.7308; (P) 0.7338; (R1) 0.7392; More….
Intraday bias in AUD/USD remains on the upside at this point, for retesting 0.7413 high. Decisive break there will resume whole rally from 0.5506. Next target is 0.7635 long term fibonacci level. On the downside, though, break of 0.7265 support will turn bias back to the downside, to extend the consolidation from 0.7413 with another falling leg.
In the bigger picture, the sustained trading above 55 week EMA (now at 0.6978) is a sign of medium term bullishness. Nevertheless, AUD/USD will still need to overcome 38.2% retracement of 1.1079 (2011 high) to 0.5506 (2020 low) at 0.7635 decisively to indicate completion of long term down trend from 1.1079. Otherwise, current rebound from 0.5506 could still turn out to be a correction in the long term down trend.
