Daily Pivots: (S1) 0.7201; (P) 0.7232; (R1) 0.7250; More…
AUD/USD fall sharply today but stays well above 0.7101 support. Intraday bias remains neutral first, and further rise is in favor. On the upside, firm break of 0.7277 will resume larger up trend. However, decisive break of 0.7101 will bring deeper decline back towards 0.6832 support.
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.
