Daily Pivots: (S1) 0.7043; (P) 0.7081; (R1) 0.7126; More…
Intraday bias in AUD/USD is turned neutral first. On the upside, above 0.7126 will extend the rebound from 0.6828 to 55 day EMA (now at 0.7175). Break there will target 0.7265 resistance next. On the downside, though, break of 0.6948 will resume larger fall from 0.8006 through 0.6828 low, and target 0.6756/60 medium term fibonacci level next.
In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). Deeper fall could be seen to 50% retracement of 0.5506 to 0.8006 at 0.6756. This coincides with 100% projection of 0.8006 to 0.7105 from 0.7660 at 0.6760. Strong support is expected from 0.6756/60 cluster to contain downside to complete the correction. However, sustained break of 0.6756/60 would argue that AUD/USD is indeed already in a medium term down trend.
