Daily Pivots: (S1) 0.7197; (P) 0.7232; (R1) 0.7299; More…
AUD/USD’s rise from 0.6966 resumed by breaking 0.7282 and intraday bias is back on the upside. Decisive break of 0.7313 resistance will argue that correction from 0.8006 has completed at 0.6966, after hitting 0.6991 key support. Outlook will be turned bullish for 0.7555 resistance next. On the downside, break of 0.7093 will bring retest of 0.6966 support low instead.
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.
