Daily Pivots: (S1) 0.7513; (P) 0.7579; (R1) 0.7617; More…
Intraday bias in AUD/USD remains on the downside at this point. Current decline from 0.7890 is seen as the third leg of the corrective pattern from 0.8006. Deeper fall would be seen to 100% projection of 0.8006 to 0.7530 from 0.7890 at 0.7414. We’d expect strong support from there to bring rebound. On the upside, above 0.7644 resistance will turn bias back to the upside. However, sustained break of 0.7414 will argue it’s at least in larger scale correction, and target 161.8% projection at 0.7120 next.
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.
