Daily Pivots: (S1) 0.7620; (P) 0.7687; (R1) 0.7728; More…
AUD/USD’s break of 0.7673 support suggests that rebound from 0.7530 has completed at 0.7890 already. More importantly, corrective pattern from 0.8006 high should now be in it’s third leg. Intraday bias is back on the downside for 0.7530 support first. Break there will target 100% projection of 0.8006 to 0.7530 from 0.7890 at 0.7414. We’d expect strong support from there, which coincides with 0.7413 key resistance turned support, to bring reversal.
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.
