Daily Pivots: (S1) 0.6884; (P) 0.6910; (R1) 0.6962; More…
AUD/USD retreated quickly after edging higher to 0.6937. Intraday bias remains neutral first. On the upside, above 0.6937 will resume the rebound from 0.6680 to 55 day EMA (now at 0.6967). Sustained break there will target 0.7282 structural resistance next. On the downside, however, below 0.6801 minor support will turn bias back to the downside for retesting 0.6680 low instead.
In the bigger picture, price actions from 0.8006 could still be a corrective pattern to rise from 0.5506 (2020 low). But current downside acceleration is raising the chance that it’s a bearish impulsive move. In either case, outlook will remain bearish as long as 0.7282 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.
