Daily Pivots: (S1) 0.7012; (P) 0.7049; (R1) 0.7112; More...
AUD/USD rebounded notably but stays in established range below 0.7146. Intraday bias remains neutral and more consolidations could be seen. Further rally is still in favor with 0.6896 support intact. On the upside, firm break of 0.7146 will resume resume larger up trend 0.7206 fibonacci level. However, firm break of 0.6896 will indicate that a larger scale correction is underway, and target 38.2% retracement of 0.5913 to 0.7146 at 0.6675.
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.
