Daily Pivots: (S1) 0.7818; (P) 0.7913; (R1) 0.7966; More…

Intraday bias in AUD/USD is turned neutral with the current steep pull back. Some consolidations could be seen below 0.8006 and deeper fall cannot be ruled out. But outlook will stay bullish as long as 55 day EMA (now at 0.7669) holds. Up trend from 0.5506 is still in favor to continue and break of 0.8006 will target 0.8135 key long term resistance next.

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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