Daily Pivots: (S1) 0.6624; (P) 0.6671; (R1) 0.6699; More…
Intraday bias in AUD/USD is turned neutral with current retreat. On the upside, break of 0.6716 will resume the rebound from 0.6457 to 0.6817 key structural resistance. On the downside, though, break of 0.6578 minor support will retain near term bearishness, and turn bias back to the downside for retesting 0.6457 low instead.
In the bigger picture, rejection by 55 W EMA (now at 0.6811) keeps medium term outlook bearish. Current development suggests that down trend from 0.8006 (2021 high) is possibly still in progress. Retest of 0.6169 (2022 low) should be seen next. Firm break there will confirm down trend resumption. For now, this will remain the favored case as long as 0.6817 resistance holds.
