Daily Pivots: (S1) 0.7693; (P) 0.7724; (R1) 0.7778; More…
Intraday bias in AUD/USD remains neutral and more consolidation would be seen below 0.7819. As long as 0.7641 support holds, further rise is expected. On the upside, break of 0.7819 will resume larger up trend to 61.8% projection of 0.5506 to 0.7413 from 0.6991 at 0.8170. However, decisive break of 0.7641 will turn bias to the downside, for deeper correction to 0.7461 support and possibly below.
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 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.
