Daily Pivots: (S1) 0.7726; (P) 0.7749; (R1) 0.7774; More…
AUD/USD surges to as high as 0.7861 so far, and the break of 0.7189 resistance confirms resumption of up trend from 0.5506. Intraday bias is back on the upside for 61.8% projection of 0.6991 to 0.7819 from 0.7563 at 0.8075. For now, outlook will remain bullish as long as 0.7730 support holds, even 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 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.
