Daily Pivots: (S1) 0.6449; (P) 0.6484; (R1) 0.6547; More…
Intraday bias in AUD/USD remains on the upside for the moment. Sustained break of 0.6510 cluster resistance (38.2% retracement of 0.6894 to 0.6269 at 0.6508) will argue that whole decline from 0.7156 might be completed with three waves down to 0.6269. Stronger rally should then be seen to medium term trend line resistance (now at 0.6708). Meanwhile, rejection by 0.6510 will retain near term bearishness.
In the bigger picture, there is no confirmation that down trend from 0.8006 (2021 high) has completed. While current rebound from 0.6269 might extend higher, it could be the third leg of a corrective pattern from 0.6169 (2022 low) only. For now, medium term bearishness will remain as long as 0.6894 resistance holds.
 will argue that whole decline from 0.7156 might be completed with three waves down to 0.6269. Stronger rally should then be seen to medium term trend line resistance (now at 0.6708). Meanwhile, rejection by 0.6510 will retain near term bearishness.){kind=link}