Daily Pivots: (S1) 0.7733; (P) 0.7757; (R1) 0.7797; More…

Intraday bias in AUD/USD remains neutral for the moment and another rise is still mildly in favor. Break of 0.7890 will target a test on 0.8005 high. However, firm break of 0.7687 support should extend the correction from 0.8006 with another falling leg. Intraday bias will be turned back to the downside for 0.7530 support and possibly below.

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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