Daily Pivots: (S1) 0.7104; (P) 0.7145; (R1) 0.7166; More…
Intraday bias in AUD/USD remains neutral first. On the downside, break of 0.7089 will bring another test on 0.6991 key support. Sustained break there will carry larger bearish implication, and resume larger down trend from 0.8006. On the upside, above 0.7223 will resume the rebound from 0.6992 to 55 day EMA (now at 0.7243).
In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.
