Daily Pivots: (S1) 0.7374; (P) 0.7400; (R1) 0.7425; More…
Intraday bias in AUD/USD is turned neutral first as it lost momentum ahead of 0.7440 resistance. Further rise is still expected as long as 0.7164 support holds. Break of 0.7440 will resume the rebound from 0.6966 to 0.7555 resistance. Decisive break there should confirm that whole corrective decline from 0.8006 has completed at 0.6966.
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 for another rise through 0.8006 at a later stage.
