Daily Pivots: (S1) 0.7458; (P) 0.7488; (R1) 0.7510; More…
Intraday bias in AUD/USD remains neutral, but further rally is expected as long as 0.7455 support holds. As noted before, whole corrective decline from 0.8006 should have completed at 0.6966 already. Break of 0.7660 will resume the rise from 0.6966 to retest 0.8006 high. However, firm break of 0.7455 will dampen this bullish view, and turn bias back to the downside for 0.7164 support instead.
In the bigger picture, correction from 0.8006 could have completed at 0.6966, after drawing support from 0.6991. That is, up trend from 0.5506 (2020 low) might be ready to resume. Firm break of 0.8006 will target 61.8% projection of 0.5506 to 0.8006 from 0.6966 at 0.8511 next. This will remain the favored case as long as 0.7164 support holds.
