Daily Pivots: (S1) 0.7146; (P) 0.7172; (R1) 0.7210; More…
AUD/USD’s rally resumed after brief consolidations and intraday bias is back on the upside. Next target is 61.8% projection of 0.6420 to 0.7187 from 0.6832 at 0.7306. On the downside, below 0.7177 minor support will turn intraday bias neutral again. But outlook will remain bullish as long as 0.7101 support holds, in case of retreat.
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.
