Daily Pivots: (S1) 0.7050; (P) 0.7086; (R1) 0.7141; More…
Intraday bias in AUD/USD remains on the upside at this point. Current rise from 0.6169 should target 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7168 next. Break there will target 0.7304 fibonacci level. On the downside, below 0.7061 minor support will turn bias neutral and bring consolidations. But outlook will stay bullish as long as 0.6871 support holds, in case of retreat.
In the bigger picture, corrective decline from 0.8006 (2021 high) should have completed with three waves down to 0.6169 (2022 low). Further rally should be seen to 61.8% retracement of 0.8006 to 0.6169 at 0.7304. Sustained break there will pave the way to retest 0.8006. This will now remain the favored case as long as 0.6721 support holds.
