The pair traded within an extended bullish continuation and starts Wednesday close to the top of the current advance. AUD/USD recovered from the 0.7110 area and has now pushed into the 0.7240 zone, which marks a strong recovery of the late-April decline. The move higher has not been random: the market formed a sequence of higher lows and then accelerated again, which is a constructive sign for the whole day. At the same time, the pair is now trading in an elevated area where profit-taking may become more visible.
For the full session, the main task for buyers is to keep price above the balance zone and prevent the rally from turning into a sharp pullback. If the pair remains above the pivot, the structure continues to favor another attempt higher. If price slips under the pivot, the market may enter a broader correction after an already extended rise. So the daily structure is bullish, but the higher the pair trades, the more important support retention becomes.
Current price: 0.72424
Pivot: 0.72310
Nearest support levels: S1: 0.72200, S2: 0.72020, S3: 0.71780
Nearest resistance levels: R1: 0.72560, R2: 0.72740, R3: 0.72980
Note:
Above Pivot: If the pair holds above 0.72310, buyers may continue the advance toward 0.72560 and 0.72740. If bullish momentum remains strong through the session, the next upside target may come at 0.72980.
Below Pivot: If the pair falls back below 0.72310, a broader pullback may develop toward 0.72200 and 0.72020. A deeper daily correction would then expose 0.71780.
