Daily Pivots: (S1) 0.7807; (P) 0.7849; (R1) 0.7870; More…
A temporary top is formed in AUD/USD with current retreat and intraday bias is turned neutral for some consolidations. But outlook stays cautiously bullish as long as 0.7676 support holds. Above 0.7890 will extend the rise from 0.7530 for retesting 0.8006 high. Break will resume larger up trend.
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.
