Daily Pivots: (S1) 0.7624; (P) 0.7646; (R1) 0.7686; More…
Breach of 0.7662 minor resistance suggests short term bottoming at 0.7530, on bullish convergence condition in 4 hour MACD. Intraday bias in AUD/USD is back on the upside for 0.7848 resistance. Break there should confirm completion of the correction from 0.8006, and bring retest of this high. However, break of 0.7590 minor support will turn bias to the downside for 0.7530 and below, to extend the correction from 0.8006.
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.
