Daily Pivots: (S1) 0.7088; (P) 0.7140; (R1) 0.7178; More…
AUD/USD’s fall resumed after brief consolidation and intraday bias is back on the downside. Current development argues that larger correction from 0.8006 is in its third leg. Fall from 0.7660 should target 0.6966 low next. On the upside, above 0.7228 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). Break of 0.7164 will suggest that such correction is still in progress, with fall from 0.7660 as the third leg. Next target will 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 completed at 0.6966.
