Daily Pivots: (S1) 0.7087; (P) 0.7177; (R1) 0.7322
AUD/USD's recent rally resumes by taking out 0.7200 and reaches as high as 0.7265 so far. Further rally is still expected as long as 0.7033 support holds. Rise from 0.6075, which is treated as third leg of consolidation from 0.6008, could extend further to 38.2% retracement of 0.9849 to 0.6008 at 0.7475. Though, upside is expected to be limited there to complete the consolidation. On the downside, below 0.7033 will turn intraday outlook neutral again. 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.
In the bigger picture, whole fall from 0.9849 made a bottom at 0.6008 and turned into sideway consolidation since then. However, note that the impulsive nature of the fall from 0.9849 to 0.6008 indicate that price actions from 0.6008 is developing into correction/consolidation only. The long term down trend is still expected to resume after completing the consolidation. Sustained break of 0.6008 will indicate that the down trend from 0.9849 has resumed for at least another five wave medium term decline, targeting 0.4773 (01 low). But, note that as long as 0.6008 low holds, consolidation from could still extend further. Above 0.7140 will target 38.2% retracement of 0.9849 to 0.6008 at 0.7475 before completing the consolidation.