Daily Pivots: (S1) 0.7689; (P) 0.7733; (R1) 0.7806; More…
AUD/USD’s rally resumed after brief consolidation and intraday bias is back on the upside. Current up trend from 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 0.7641 support is needed to be the first sign of short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, whole down trend from 1.1079 (2001 high) should have completed at 0.5506 (2020 low) already. 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.
