Daily Pivots: (S1) 0.7131; (P) 0.7154; (R1) 0.7194; More…
AUD/USD’s break of 0.7187 high suggests that larger up trend is possibly resuming. Intraday bias stays on the upside for 61.8% projection of 0.6420 to 0.7187 from 0.6832 at 0.7306. Decisive break there could prompt upside acceleration to 100% projection at 0.7599. On the downside, below 0.7115 minor support will delay the bullish case and turn intraday bias neutral first.
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.
