Daily Pivots: (S1) 0.6615; (P) 0.6658; (R1) 0.6686; More...
Intraday bias in AUD/USD as fall from 0.6798 continues to accelerate lower. Sustained trading below 38.2% retracement of 0.6361 to 0.6798 at 0.6631 will raise the chance of near term bearish reversal. Next target will be 61.8% retracement at 0.6528. On the upside, above 0.6679 minor resistance will turn intraday bias neutral first.
In the bigger picture, overall, price actions from 0.6169 (2022 low) are seen as a medium term corrective pattern, which is still extending. Break of 0.66870 resistance will extend the rising leg from 0.6269 towards 0.7156 (2023 high). However, break firm break of 0.6619 support will argue that another falling leg has started back towards lower side of the range between 0.6169/6361.
