Daily Pivots: (S1) 0.7719; (P) 0.7739; (R1) 0.7754; More…
Break of 0.7760 suggests that AUD/USD’s rise from 0.7530 has resumed. Intraday bias is back on the upside for 0.7848 resistance. Firm break there should confirm that correction from 0.8006 has completed with three waves down to 0.7530. Retest of 0.8006 high should be seen next. On the downside, below 0.7705 minor support will turn intraday bias neutral first.
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.
