Daily Pivots: (S1) 0.7614; (P) 0.7637; (R1) 0.7675; More…
Intraday bias in AUD/USD remains neutral for the moment. On the upside, break of 0.7622 minor resistance will suggest short term bottoming at 0.7530, on bullish convergence condition in 4 hour MACD. Intraday bias will be turned back to the upside for 0.7848 resistance. Break there should confirm completion of the correction form 0.8006. On the downside, break of 0.7530 will extend the correction to 100% projection of 0.8006 to 7620 from 0.7848 at 0.7462. We’ll look for strong support from there to bring rebound.
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.
