Daily Pivots: (S1) 0.6681; (P) 0.6738; (R1) 0.6769; More...
AUD/USD’s breach of 0.6696 support indicates that 0.6823 is already a short term top and deeper correction is underway. Intraday bias is now on the downside for 38.2% retracement of 0.6348 to 0.6823 at 0.6642. Break will target 61.8% retracement at 0.6529. On the upside, though, above 0.6750 support turned resistance will bring retest of 0.6823 instead.
In the bigger picture, overall, price actions from 0.6169 (2022 low) are seen as a medium term corrective pattern, with rise from 0.6269 as the third leg. Firm break of 0.6798/6870 resistance zone will target 0.7156 resistance. In case of another fall, strong support should be seen from 0.6169/6361 to bring rebound.
