Daily Pivots: (S1) 0.7707; (P) 0.7731; (R1) 0.7746; More…
With 0.7650 minor support intact, further rise is expected in AUD/USD for 0.7819 resistance. Firm break there will resume larger up trend from 0.5506. Next near term target is 61.8% projection of 0.6991 to 0.7819 from 0.7563 at 0.8075. On the downside, break of 0.7650 minor support will delay the bullish case and extend the correction from 0.7819.
In the bigger picture, whole down trend from 1.1079 (2001 high) should have completed at 0.5506 (2020 low) already. Rise from 0.5506 could either be the start of a long term up trend, or a corrective rise. Reactions to 0.8135 key resistance will reveal which case it is. But in any case, medium term rally is expected to continue as long as 0.7413 resistance turned support holds.
