Daily Pivots: (S1) 0.6900; (P) 0.6955; (R1) 0.6992; More…
AUD/USD breached 4 hour 55 EMA but quickly retreated. Intraday bias remains neutral first. On the downside, break of 0.6854 will resume the corrective decline from 0.7156 to 38.2% retracement of 0.6169 to 0.7156 at 0.6779. On the upside, break 0.7010 minor resistance should bring retest of 0.7156 high.
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.
