Daily Pivots: (S1) 0.7617; (P) 0.7690; (R1) 0.7737; More…
AUD/USD’s break of 0.7641 resistance turned support now suggests that deeper correction is underway. Intraday bias is back on the downside for 38.2% retracement of 0.6991 to 0.7819 at 0.7503. Overall, the up trend from 0.5506 would remain intact as long as 0.7413 resistance turned support holds. Another rise is still in favor at a later stage to 61.8% projection of 0.5506 to 0.7413 from 0.6991 at 0.8170.
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.
