Daily Pivots: (S1) 0.7434; (P) 0.7491; (R1) 0.7522; More…
Intraday bias in AUD/USD is turned neutral with current retreat. Some consolidations would be seen first, but downside should be contained by 0.7377 support to bring another rally. On the upside, break of 0.7545 will resume the rally from 0.7105 and target 161.8% projection of 0.7105 to 0.7477 from 0.7169 at 0.7771.
In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.
