Daily Pivots: (S1) 0.7682; (P) 0.7748; (R1) 0.7788; More…

Intraday bias sin AUD/USD remains neutral for the moment. Break of 0.7691 will extend the correction from 0.8006 lower. But overall, outlook will remain bullish as long as 0.7563 support holds. On the upside, above 0.7844 minor resistance will turn bias to the upside for retesting 0.8006. However, decisive break of 0.7563 will bring deeper correction.

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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