Daily Pivots: (S1) 0.6708; (P) 0.6739; (R1) 0.6762; More…
AUD/USD’s break of 0.6693 confirms resumption of the decline from 0.7156. The development also argues that rise from 0.6169 has finished. Intraday bias is back on the downside. Next target is 161.8% projection of of 0.6854 to 0.7028 from 0.6854 at 0.6539. For now, break of 0.6782 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, the break of 0.6721 structural support suggest that 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. Sustained break there will bring retest of 0.6169 low.
