Daily Pivots: (S1) 0.6327; (P) 0.6369; (R1) 0.6437; More…
AUD/USD’s recovery form 0.6169 resumes after brief setback and intraday bias is back on the upside for 0.6539 resistance. Firm break there, and sustained trading above 55 day EMA (now at 0.6577), will raise the chance of medium term bottoming, and target 0.6680 support turned resistance next. On the downside, though, break of 0.6169 low will resume larger down trend.
In the bigger picture, down trend form 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. Medium term momentum remains strong and retest of 0.5506 (2020 low) cannot be ruled out. But firm break of 0.6680 will be the first sign of reversal, and bring stronger rebound back to 0.7135 resistance.
