Daily Pivots: (S1) 0.7668; (P) 0.7693; (R1) 0.7711; More…

Intraday bias in AUD/USD remains neutral for the moment. On the upside, break of 0.7774 resistance will suggest that pull back from 0.7890 has completed. Intraday bias will be turned back to the upside for 0.7890 resistance next. On the downside, though, break of 0.7664 will resume the fall from 0.7890 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