Daily Pivots: (S1) 0.6707; (P) 0.6780; (R1) 0.6825; More…
Intraday bias in AUD/USD remains neutral for the moment. On the downside, sustained break of 38.2% retracement of 0.6169 to 0.6892 at 0.6616 will indicate rejection by 0.6871 fibonacci level. Deeper fall should then be seen to 61.8% retracement at 0.6445 and possibly below. On the upside, break of 0.6892 will resume the rally from 0.6169 instead.
In the bigger picture, it’s still unsure if price actions from 0.6169 medium term bottom are developing into a corrective pattern or trend reversal. Rejection by 38.2% retracement of 0.8006 to 0.6169 at 0.6871 will maintain medium term bearishness for another fall through 0.6169 at a later stage. However, firm break of 0.6871, and sustained trading above 55 week EMA (now at 0.6894) will raise the chance of the start of a bullish up trend.
