Daily Pivots: (S1) 0.6332; (P) 0.6362; (R1) 0.6401; More...
AUD/USD edged higher to 06309 but failed to break through 0.6407 resistance and retreated again. Intraday bias stays neutral for the moment. Further rally is expected as long as 55 4H EMA (now at 0.6239) holds. Firm break of 0.6407 resistance will extend the rise from 0.5913 to 61.8% retracement of 0.6941 to 0.5913 at 0.6548, even still as a corrective move. Nevertheless, sustained break of 55 4H EMA will turn bias back to the downside for deeper pullback.
In the bigger picture, fall from 0.6941 (2024 high) is seen as part of the down trend from 0.8006 (2021 high). Next medium term target is 61.8% projection of 0.8006 to 0.6169 from 0.6941 at 0.5806. However, sustained trading above 55 W EMA (now at 0.6441) will argue that a medium term bottom was already formed, and set up further rebound to 0.6941 resistance instead.
 holds. Firm break of 0.6407 resistance will extend the rise from 0.5913 to 61.8% retracement of 0.6941 to 0.5913 at 0.6548, even still as a corrective move. Nevertheless, sustained break of 55 4H EMA will turn bias back to the downside for deeper pullback.){kind=link}