Daily Pivots: (S1) 0.7607; (P) 0.7617; (R1) 0.7631; More…
AUD/USD’s correction from 0.7819 is still in progress. Deeper fall could be seen to 38.2% retracement of 0.6991 to 0.7819 at 0.7503. Strong support is expected there to bring rebound. On the upside, break of 0.7703 minor resistance will argue that the correction has completed. Intraday bias will be turned back to the upside for retesting 0.7819 high.
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.
