Daily Pivots: (S1) 0.7573; (P) 0.7644; (R1) 0.7682; More…
Intraday bias in AUD/USD is back on the downside as fall from 0.7890 resumes through 0.7644. Such decline is seen as the third leg of the corrective pattern from 0.8006. Deeper fall should be seen to 0.7530 support and below. On the upside, break of 0.7774 resistance is needed to indicate completion of the fall. Otherwise, risk will stay on the downside in case of recovery.
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.
