Daily Pivots: (S1) 0.6508; (P) 0.6522; (R1) 0.6536; More...
Intraday bias in AUD/USD remains mildly on the upside at this point. Corrective fall from 0.6624 could have completed at 0.6418 already. Further rise would be seen to retest this high. On the downside, however, firm break of 0.6449 will argue that the pattern from 0.6624 is extending with another falling leg. Break of 0.6418 will target 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).
