Daily Pivots: (S1) 0.6459; (P) 0.6546; (R1) 0.6705; More…
Intraday bias in AUD/USD remains on the upside as rise from 0.6169 is in progress. Break of 0.6680 support turned resistance will carry larger bullish implications. Next target will be 161.8% projection of 0.6169 to 0.6521 from 0.6271 at 0.6841. On the downside, below 0.6512 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, a medium term bottom should be formed at 0.6169. Firm break of 0.6680 support turned resistance will confirm this bullish case. It’s too early to call for medium term trend reversal. But even as a correction to the down trend from 0.8006 (2021 high), rise from 0.6169 would target 55 week EMA (now at 0.6952) upon break of 0.6680.
