Daily Pivots: (S1) 0.6946; (P) 0.6970; (R1) 0.6987; More…
AUD/USD’s rally from 0.6680 resumes by breaking through 0.7045 and intraday bias is back on the upside. Further rally should be seen to 61.8% projection of 0.6680 to 0.7045 from 0.6868 at 0.7094, and then 100% projection at 0.7233. For now, further rally will remain in favor as long as 0.6868 support holds, in case of retreat.
In the bigger picture, price actions from 0.8006 (2021 high) is seen more as a corrective pattern to rise from 0.5506 (2020 low). Or it could be a bearish impulsive move. In either case, outlook will remain bearish as long as 0.7282 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.
