Daily Pivots: (S1) 0.7725; (P) 0.7745; (R1) 0.7771; More…
AUD/USD’s break of 0.7772 resistance suggests that pull back from 0.7890 has completed. Intraday bias is back on the upside for 0.7890 first. Break will resume the rise from 0.7530 to retest 0.8004 high. For now, risk will stay on the upside as long as 0.7715 support holds, 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.
