Daily Pivots: (S1) 0.6595; (P) 0.6618; (R1) 0.6639; More…
AUD/USD continues to gyrate around 61.8% retracement of 0.6457 to 0.6898 at 0.6625 and intraday bias is turned neutral first. Further decline will remain in favor as long as 0.6719 resistance holds. Sustained trading below 0.6625 will pave the way to 0.6457 key support level.
In the bigger picture, outlook is mixed up by the deeper than expected pull back from 0.6898. Still, price actions from 0.7156 are seen as a correction to rebound from 0.6169. Break of 0.6457 will resume the fall towards 0.6169 low. On the upside, though, break of 0.6898 resistance will argue that rise from 0.6169 is ready to resume through 0.7156.
