AUD/USD rose additional to 0.7660 final week however fashioned at brief time period high there and retreated. Preliminary bias is now on the draw back this week for deeper pull again to 55 day EMA (now at 0.7343). On the upside, above 0.7518 minor resistance will flip bias again to the upside for 0.7660. Agency break there’ll resume bigger rise from 0.6991 to retest 0.8006 excessive.
Within the larger image, correction from 0.8006 may have accomplished at 0.6966, after drawing assist from 0.6991. That’s, up pattern from 0.5506 (2020 low) is perhaps 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. It will stay the favored case so long as 0.7164 assist holds.
In the long term image, focus stays on 0.8135 structural resistance. Decisive break there’ll argue that rise from 0.5506 is creating right into a long run up pattern that reverses entire down pattern from 1.1079 (2011 excessive). Nevertheless, rejection by 0.8135 will hold long run outlook impartial at greatest.