Daily Pivots: (S1) 0.7327; (P) 0.7366; (R1) 0.7388; More…
AUD/USD’s fall from 0.7660 resumed after brief recovery and intraday bias is back on the downside. Deeper fall would be seen back to 0.7164 support. On the upside, above 0.7492 minor resistance will turn bias back to the upside for 0.7660. Firm break there will resume larger rise from 0.6991 to retest 0.8006 high.
In the bigger picture, correction from 0.8006 could have completed at 0.6966, after drawing support from 0.6991. That is, up trend from 0.5506 (2020 low) might be ready to resume. Firm break of 0.8006 will target 61.8% projection of 0.5506 to 0.8006 from 0.6966 at 0.8511 next. This will remain the favored case as long as 0.7164 support holds.
