Mon, Sep 20, 2021 @ 14:25 GMT

AUD/USD Daily Report

Daily Pivots: (S1) 0.7452; (P) 0.7480; (R1) 0.7499; More…

Intraday bias in AUD/USD is turned to the downside with break of 0.7476. Current fall from 0.7890 is seen as the third leg of corrective pattern from 0.8006. Deeper fall should be seen to 100% projection of 0.8006 to 0.7530 from 0.7890 at 0.7414. We’d expect strong support from there to bring rebound. on the upside, above 0.7526 minor resistance will turn intraday bias neutral first. However, sustained break of 0.7414 will argue it’s at least in larger scale correction, and target 161.8% projection at 0.7120 next.

In the bigger picture, rise from 0.5506 medium term bottom 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. Rejection by 0.8135 key resistance, followed by firm break of 0.7413 resistance turned support, will favors the latter case. Deeper decline would be seen to 38.2% retracement of 0.5506 to 0.8006 at 0.7051 first.

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