Daily Pivots: (S1) 0.7625; (P) 0.7678; (R1) 0.7733; More…

AUD/USD’s is staying in the correction from 0.8006 and intraday bias remains mildly on the downside. Further decline could be seen but overall outlook will stay bullish as long as 0.7563 support holds. On the upside, break of 0.7837 minor resistance will bring retest of 0.8006 high. However, firm break of 0.7563 will indicate that deeper correction is underway, back towards 0.7413 resistance turned support.

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.

Source link