Daily Pivots: (S1) 0.7741; (P) 0.7768; (R1) 0.7812; More…
Intraday bias in AUD/USD remains neutral with focus on 0.7837 minor resistance. Break there should indicate completion of the correction for 0.8006. Intraday bias will be turned back to the upside for retesting 0.8006 high. On the downside, below 0.7620 will target 0.7563 support. Firm break of 0.7563 will indicate that deeper correction is underway, back towards 0.7413 resistance turned support.
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.
