AUD/USD Daily Report

Daily Pivots: (S1) 0.7619; (P) 0.7639; (R1) 0.7676; More…

Intraday bias in AUD/USD stays neutral at this point. On the downside, break of 0.7590 minor support will bring retest of 0.7530 low. Break there will resume corrective fall from 0.8006. On the upside, above 0.7676 will resume the rebound from 0.7520 to 0.7848 resistance next.

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.