Daily Pivots: (S1) 0.7719; (P) 0.7739; (R1) 0.7754; More…

Intraday bias in AUD/USD stays neutral for the moment. We’re favoring the case that correction from 0.8006 has completed with three waves down to 0.7530. Above 0.7760 will extend the rebound to 0.7848 resistance first. Break there should confirm this bullish case and bring retest of 0.8006 high. This will remain the favored case as long as 0.7583 support holds.

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.

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