Daily Pivots: (S1) 0.7046; (P) 0.7072; (R1) 0.7100; More...
AUD/USD recovers mildly after hitting 55 4H EMA, but stays below 0.7146 short term top. Intraday bias stays neutral at this point, and more consolidations would be seen. Deeper retreat cannot be ruled out, but downside should be contained above 0.6896 support to bring another rally. On the upside, above 0.7146 will resume larger up trend to 100% projection of 0.5913 to 0.6706 from 0.6420 at 0.7213.
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.
