Daily Pivots: (S1) 0.6670; (P) 0.6686; (R1) 0.6719; More...
AUD/USD’s rally continues today and intraday bias stays on the upside. Sustained trading above 0.6707/13 will carry larger bullish implications. Next near term target will be 61.8% projection of 0.5913 to 0.6706 from 0.6420 at 0.6910. On the downside, below 0.6675 minor support will turn intraday bias neutral first. But For now, outlook will stay bullish as long as 0.6592 support holds, in case of retreat.
In the bigger picture, the break of multi-year falling trend line resistance suggests that rise from 0.5913 is possibly reversing whole down trend from 0.8006 (2021 high). Decisive break of 38.2% retracement of 0.8006 to 0.5913 at 0.6713 will solidify this case, and bring further rally to 61.8% retracement at 0.7206. On the downside, however, firm break of 0.6420 support will suggest rejection by 0.6713 and retain medium term bearishness.
