Daily Pivots: (S1) 0.6657; (P) 0.6698; (R1) 0.6725; More…
AUD/USD’s breach of 0.6758 suggests that rebound from 0.6563 short term bottom is resuming. Intraday bias is back on the upside for 38.2% retracement of 0.7156 to 0.6563 at 0.6790. Break will target 61.8% retracement at 0.6929. However, break of 0.6650 support will turn bias back to the downside for 0.6563 low again.
In the bigger picture, as long as 61.8% retracement of 0.6169 to 0.7156 at 0.6546 holds, the decline from 0.7156 is seen as a correction to rally from 0.6169 (2022 low) only. Another rise should still be seen through 0.7156 at a later stage. However, sustained break of 0.6546 will raise the chance of long term down trend resumption through 0.6169 low.
