Daily Pivots: (S1) 0.6320; (P) 0.6365; (R1) 0.6397; More…
AUD/USD’s down trend from 0.7156 resumed by breaking through 0.6356 and intraday bias is back on the downside. Current fall should target 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195 next. On the upside, break of 0.6510 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, down trend from 0.8006 (2021 high) is possibly still in progress. Decisive break of 0.6169 will target 61.8% projection of 0.8006 to 0.6169 to 0.7156 at 0.6021. This will now remain the favored case as long as 0.6894, in case of strong rebound.
