Daily Pivots: (S1) 0.7371; (P) 0.7396; (R1) 0.7439; More…
AUD/USD’s break of 0.7413 suggests resumption of rise from 0.5506. Intraday bias is back on the upside. Next target is 0.7635 long term fibonacci level. On the downside, below 0.7339 minor support will turn intraday bias neutral and bring consolidations first.
In the bigger picture, the sustained trading above 55 week EMA (now at 0.6993) 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.
