Daily Pivots: (S1) 0.6998; (P) 0.7021; (R1) 0.7064; More...
AUD/USD’s rally continues today and intraday bias stays on the upside. Current up trend should target 100% projection of 0.5913 to 0.6706 from 0.6420 at 0.7213 next. On the downside, below 0.6975 minor support will turn intraday bias neutral and bring consolidations. Downside of retreat should be contained above 0.6765 resistance turned support to bring another rally.
In the bigger picture, current development argues that rise from 0.5913 (2024 low) is reversing whole down trend from 0.8006 (2021 high). Further rally should be seen to 61.8% retracement of 0.8006 to 0.5913 at 0.7206. This will remain the favored case as long as 0.6706 resistance turned support holds, even in case of deep pullback.
