Daily Pivots: (S1) 0.7576; (P) 0.7607; (R1) 0.7625; More…
AUD/USD’s corrective fall from 0.8006 resumes by breaking 0.7562 and hits as low as 0.7530 so far. Intraday bias is back on the downside for 100% projection of 0.8006 to 0.7620 from 0.7848 at 0.7462. We’ll look for strong support from there to bring rebound. On the upside, break of 0.7662 minor resistance will turn bias to the upside for 0.7848 resistance.
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.
