Daily Pivots: (S1) 0.7705; (P) 0.7733; (R1) 0.7774; More…
AUD/USD is still bounded in consolidation from 0.7819 and intraday bias remains neutral. Further rise is expected with 0.7641 support intact. On the upside, break of 0.7819 will resume larger up trend from 0.5506 to 61.8% projection of 0.5506 to 0.7413 from 0.6991 at 0.8170. However, break of 0.7641 will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for deeper correction to 0.7461 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 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.
