Daily Pivots: (S1) 0.7678; (P) 0.7721; (R1) 0.7752; More…

Intraday bias in AUD/USD stays neutral and further rise is expected with 0.7676 support intact. On the upside, above 0.7815 will target 0.7848 resistance first. Break there should confirm that correction from 0.8006 has completed with three waves down to 0.7530. Retest of 0.8006 high should be seen next. However, break of 0.7676 will extend the corrective pattern from 0.8006 with another falling leg, back to 0.7530 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