Daily Pivots: (S1) 0.6618; (P) 0.6667; (R1) 0.6757; More…
AUD/USD retreats mildly today, but intraday bias stays on the upside. Current rise from 0.6169 would target 161.8% projection of 0.6169 to 0.6521 from 0.6271 at 0.6841. On the downside, below 0.6628 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, the break of 0.6680 support turned resistance confirms medium term bottoming at 0.6169. It’s too early to call for trend reversal. But even as a corrective move, rise from 0.6169 should target 38.2% retracement of 0.8006 to 0.6169 at 0.6871. Sustained trading above 55 week EMA (now at 0.6934) will raise the chance of the start of a bullish up trend. This week now remain the favored case as long as 0.6521 resistance turned support holds.
