Daily Pivots: (S1) 0.6449; (P) 0.6488; (R1) 0.6540; More…
Intraday bias in AUD/USD remains neutral as consolidation from 0.6362 continues. Outlook will remain bearish as long as 0.6698 support turned resistance holds. Break of 0.6362 will resume larger down trend. Next target is 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155.
In the bigger picture, down trend form 0.8006 (2021 high) is expected to continue as long as 0.7135 resistance holds. With 61.8% retracement of 0.5506 (2020 low) to 0.8006 at 0.6461 firmly taken out, next target is 0.5506 low. Medium term momentum will now be closely monitored to gauge the chance of break of 0.5506.
