Daily Pivots: (S1) 0.6714; (P) 0.6755; (R1) 0.6829; More…
AUD/USD’s rebound from 0.6594 resumed after brief retreat. Intraday bias is back on the upside for 0.6898 resistance next. Firm break there will firstly confirm resumption of rise from 0.6457. Secondly, that should also confirm completion of the fall from 0.7156 at 0.6457. Further rally should then be seen to 0.7156 next. On the downside, however, below 0.6783 minor support will turn intraday bias neutral again.
In the bigger picture, price actions from 0.7156 are seen as a correction to the rebound from 0.6169 only, rather than part of larger down trend from 0.8006 (2021 high). Break of 0.6457 could cannot be ruled out but downside should be contained above 0.6169. Meanwhile, break of 0.6898 resistance will argue that rise from 0.6169 is ready to resume through 0.7156.
