Daily Pivots: (S1) 0.6708; (P) 0.6739; (R1) 0.6762; More…
Immediate focus is now on 0.6693 support in AUD/USD. Firm break there will l resume the fall from 0.7156 to 161.8% projection of of 0.6854 to 0.7028 from 0.6854 at 0.6539. Nevertheless, break of 0.6782 resistance should now indicate short term bottoming, and turn bias back to the upside for stronger rebound.
In the bigger picture, focus is staying on 0.6721 structural support. Sustained break there will argue that whole rise from 0.6169 (2022 low) has completed at 0.7156, after rejection by 55 month EMA (now at 0.7164). Deeper decline would then be see back to 61.8% retracement of 0.6169 to 0.7156 at 0.6546, even as a corrective fall. Nevertheless, strong rebound from current level will retain medium term bullishness for another rise through 0.7156 later.
