Daily Pivots: (S1) 0.7034; (P) 0.7077; (R1) 0.7103; More…
AUD/USD’s break of 0.7061 minor support suggests short term topping at 0.7141, ahead of 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7168. Intraday bias is back on the downside for 0.6871 support, for further to 55 day EMA (now at 0.6832). On the upside, firm break of 0.7141 will resume the rally from 0.6169 to 0.7304 fibonacci level.
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.
