Daily Pivots: (S1) 0.7733; (P) 0.7769; (R1) 0.7793; More…
AUD/USD retreated after making a temporary top at 0.7804, ahead of 0.7819 high. Intraday bias is turned neutral first. Further rally is expected as long as 0.7717 minor support holds. Decisive break of 0.7819 will resume larger up trend from 0.5506, for 61.8% projection of 0.6991 to 0.7819 from 0.7563 at 0.8075. On the downside, break of 0.7717 minor support will delay the bullish case and extend the correction from 0.7819 with another fall, towards 0.7563 support.
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.
