Daily Pivots: (S1) 0.6558; (P) 0.6589; (R1) 0.6618; More….
AUD/USD retreated higher hitting 0.6618 and intraday bias is turned neutral first. Rise from 0.6480 is seen as the third leg of the corrective pattern from 0.6442. Above 0.6618 will target 0.6633 resistance first. Break there will target 0.6666 and above. However, on the downside, sustained break of 55 4H EMA (now at 0.6543) will bring deeper fall back to 0.6442/6480 support zone instead.
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.
 will bring deeper fall back to 0.6442/6480 support zone instead.){kind=link}