Daily Pivots: (S1) 0.7584; (P) 0.7604; (R1) 0.7631; More…
AUD/USD’s break of 0.7639 resistance suggests up trend resumption. Intraday bias is now back on the upside. Rise should 0.5506 should target 61.8% projection of 0.5506 to 0.7413 from 0.6991 at 0.8170 next. On the downside, break of 0.7461 support is needed to confirm short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, whole down trend form 1.1079 (2001 high) could have completed at 0.5506 (2020 low) already. Sustained trading above 38.2% retracement of 1.1079 to 0.5506 at 0.7635 should confirm this bullish case. Rise form 0.5506 could either the start of a long term up trend, or a corrective rise. Reactions to 0.8135 key resistance will reveal which case it is.
