Daily Pivots: (S1) 0.7718; (P) 0.7739; (R1) 0.7773; More…
With 0.7676 minor support intact, further rise is expected in AUD/USD. Rebound from 0.7530 should target 0.7848 resistance. Firm break there should confirm completion of the corrective fall from 0.8006 at 0.7530. Retest of 0.8006 high should be seen next. On the downside, below 0.7676 minor support will turn intraday bias neutral again. But for now, risk will stay mildly on the upside as long as 0.7583 minor 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.
