Daily Pivots: (S1) 0.6508; (P) 0.6577; (R1) 0.6640; More...
AUD/USD failed to sustain below 61.8% retracement of 0.6269 to 0.6941 at 0.6526 will target 0.6348, and recovered after dipping to 0.6511. Intraday bias is turned neutral again first. Further fall is still expected as long as 0.6644 resistance holds. Firm break of 0.6526 will pave the way to 0.6348 support next. However, considering bullish convergence condition in 4H MACD, break of 0.6644 will indicate short term bottoming, and turn bias back to the upside for 55 D EMA (now at 0.6682).
In the bigger picture, rise from 0.6269 (2023 low) should have completed with three waves up to 0.6941. Corrective pattern from 0.6169 (2022 low) is now extending with another falling leg. Deeper decline would be seen back to 0.6269 as sideway trading extends.
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