AUD/USD’s break of 0.7440 resistance final week confirmed resumption of rise from 0.6966. Preliminary bias stays on the upside this week for 0.7555 resistance. Decisive break there ought to affirm that entire corrective decline from 0.8006 has accomplished at 0.6966. Additional rise ought to then be seen again to retest 0.8005. On the draw back, under 0.7465 minor help will flip intraday bias impartial and produce consolidations first.
Within the greater image, correction from 0.8006 may have accomplished at 0.6966, after drawing help from 0.6991. That’s, up pattern from 0.5506 (2020 low) may be able to resume. Agency break of 0.8006 will goal 61.8% projection of 0.5506 to 0.8006 from 0.6966 at 0.8511 subsequent. This may stay the favored case so long as 0.7164 help holds.
In the long term image, focus stays on 0.8135 structural resistance. Decisive break there’ll argue that rise from 0.5506 is growing right into a long run up pattern that reverses entire down pattern from 1.1079 (2011 excessive). Nevertheless, rejection by 0.8135 will maintain long run outlook impartial at greatest.