Daily Pivots: (S1) 0.6481; (P) 0.6501; (R1) 0.6524; More…
AUD/USD recovered after brief dip to 0.6476 and intraday bias is turned neutral first. Outlook will stay bearish as long as 0.6594 resistance holds. Below 0.6476 will bring retest of 0.6442 low first. Firm break there e will resume whole decline from 0.6870 for 61.8% projection of 0.6870 to 0.6442 from 0.6594 at 0.6329.
In the bigger picture, price actions from 0.6169 (2022 low) are seen as a medium term corrective pattern to the down trend from 0.8006 (2021 high). Fall from 0.7156 (2023 high) is seen as the second leg, which might still be in progress. Overall, sideway trading could continue in range of 0.6169/7156 for some more time. But as long as 0.7156 holds, an eventual downside breakout would be mildly in favor.
