Daily Pivots: (S1) 0.7180; (P) 0.7204; (R1) 0.7225; More…
Intraday bias in AUD/USD is turned neutral first with current extended retreat. Further rise will remain in favor as long as 0.7101 support holds. On the upside, break of 0.7227 will resume recent up trend to 61.8% projection of 0.6420 to 0.7187 from 0.6832 at 0.7306. However, decisive break of 0.7101 support will confirm short term topping, and bring deeper pullback to 55 D EMA (now at 0.7052) and below.
In the bigger picture, rise from 0.5913 (2024 low) is still in progress. Decisive break of 61.8% retracement of 0.8006 to 0.5913 at 0.7206 will solidify the case that it’s already reversing the down trend from 0.8006 (2021 high). Further rally should then be seen to retest 0.8006. For now, outlook will remain bullish as long as 0.6832 support holds, in case of pullback.
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