Daily Pivots: (S1) 0.6485; (P) 0.6506; (R1) 0.6533; More...
Range trading continues in AUD/USD and outlook is unchanged. Intraday bias remains neutral first and with 0.6549 resistance intact, further decline is expected. On the downside, break of 0.6433 will resume whole decline from 0.6941, and target 0.6348 support next. However, firm break of 0.6549 will indicate short term bottoming, and bring stronger rebound to 55 D EMA (now at 0.6602).
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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