Daily Pivots: (S1) 0.7883; (P) 0.7909; (R1) 0.7938; More…
AUD/USD is losing some upside momentum, but with 0.7854 minor support intact, intraday bias stays on the upside. Current from 0.5506 should target 61.8% projection of 0.6991 to 0.7819 from 0.7563 at 0.8075. We’d pay attention to the reaction to 0.8135 long term resistance. On the downside, break of 0.7854 minor support will turn intraday bias neutral and bring some consolidations first.
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.
