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Daily Pivots: (S1) 0.6979; (P) 0.7047; (R1) 0.7179;
AUD/USD rises further to 0.7159 today and break of 0.7140 confirms that rise from 0.6075 is resuming. At this point, intraday bias remains on the upside as long as 0.7041 minor support holds and further rally could be seen towards 38.2% retracement of 0.9849 to 0.6008 at 0.7475. Nevertheless, as mentioned before, rise from 0.6075 is treated as third leg of consolidation from 0.6008 and therefore should be limited by 0.7475 fibo resistance and bring medium term down trend resumption. On the downside, below 0.7041 will turn intraday outlook neutral first. Further break of 0.6760 support will be an early alert that such consolidation has completed and will turn short term outlook bearish for a retest of 0.6008 low.
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