Daily Pivots: (S1) 0.7464; (P) 0.7502; (R1) 0.7577; More…
AUD/USD accelerates to as high as 0.7571 so far and intraday bias remains on the upside. Current rally 0.5506 should target 0.7635 key long term fibonacci level. Sustained break there should confirm long term trend reversal. On the downside, break of 0.7485 minor support will turn intraday bias neutral, and bring consolidations, before staging another rally.
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.
