Daily Pivots: (S1) 0.6451; (P) 0.6492; (R1) 0.6530; More...
Intraday bias in AUD/USD stays mildly on the downside at this point. Fall from 0.6594 is tentatively seen as a correction to rise from 0.5913. Deeper fall would be seen to 38.2% retracement of 0.5913 to 0.6594 at 0.6334. Strong support could be seen there to bring rebound. For now, near term outlook is neutral as long as 0.6594 resistance holds, and more consolidations would be seen.
In the bigger picture, there is no clear sign that down trend from 0.8006 (2021 high) has completed. Rebound from 0.5913 is seen as a corrective move. While stronger rally cannot be ruled out, outlook will remain bearish as long as 38.2% retracement of 0.8006 to 0.5913 at 0.6713 holds. Nevertheless, considering bullish convergence condition in W MACD, even in case of another fall through 0.5913, downside should be contained above 0.5506 (2020 low).
