Daily Pivots: (S1) 0.7783; (P) 0.7822; (R1) 0.7884; More…
Intraday bias in AUD/USD remains on the upside at this point. Current rise form 0.7503 should target a test on 0.8006 next. Break will resume larger up trend. For now, near term outlook will remain cautiously bullish as long as 0.7673 support holds, in case of retreat.
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.
