Daily Pivots: (S1) 0.7214; (P) 0.7232; (R1) 0.7257; More…
Intraday bias in AUD/USD remains neutral as consolidations continue below 0.7277. With 0.7101 support intact, further rally is expected. On the upside, above 0.7277 will resume larger up trend and target 61.8% projection of 0.6420 to 0.7187 from 0.6832 at 0.7306.
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.
SOURCE LINK : https://www.actionforex.com/technical-outlook/audusd-outlook/640408-aud-usd-daily-report-1660/
