Daily Pivots: (S1) 0.6474; (P) 0.6491; (R1) 0.6521; More...
AUD/USD is still staying below 0.6528 resistance and intraday bias remains neutral. On the upside, firm break of 0.6528 will indicate that corrective pullback from 0.6624 has completed at 0.6418. Intraday bias will be back on the upside for retesting 0.6624. On the downside, break of 0.6418 will resume the fall to 38.2% retracement of 0.5913 to 0.6624 at 0.6352.
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).
