Daily Pivots: (S1) 0.6490; (P) 0.6515; (R1) 0.6543; More…
Intraday bias in AUD/USD remains on the upside for the moment. Sustained break of 55 D EMA (now at 0.6527) will argue that fall from 0.6870 has completed, and bring further rally to 0.6643 resistance next. On the downside, though, break of 0.6464 minor support will turn bias back to the downside for retesting 0.6361 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 is still 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 argue that fall from 0.6870 has completed, and bring further rally to 0.6643 resistance next. On the downside, though, break of 0.6464 minor support will turn bias back to the downside for retesting 0.6361 instead.){kind=link}