AUD/USD’s decline from 0.7660 prolonged decrease final week, after transient restoration. Preliminary bias stays on the draw back this week for 0.7164 assist. Agency break there’ll pave the best way again to 0.6966 low. On the upside, above 0.7342 minor resistance will flip intraday bias impartial first.
Within the larger image, worth actions from 0.8006 are seen as a corrective sample to rise from 0.5506 (2020 low). Break of 0.7164 will counsel that such correction continues to be in progress, with fall from 0.7660 because the third leg. Subsequent goal can be 50% retracement of 0.5506 to 0.8006 at 0.6756. On the upside, break of 0.7660 will revive that case that the correction has already accomplished at 0.6966.
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 development that reverses entire down development from 1.1079 (2011 excessive). Nevertheless, rejection by 0.8135 will hold long run outlook impartial at greatest.