Daily Pivots: (S1) 0.6961; (P) 0.7003; (R1) 0.7039; More…
Intraday bias in AUD/USD is turned neutral first, as it recovered after breaching 0.6991 key support. On the downside, sustained break of 0.6991 will confirm resumptions of whole down trend from 0.8006. Next target is 100% projection of 0.7555 to 0.6992 from 0.7313 at 0.6750. However, break of 0.7089 minor resistance will mix up the near term outlook.
In the bigger picture, focus remains on 0.6991 key structural support. Sustained break there 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. Meanwhile, strong rebound from 0.6991 will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress.
