Daily Pivots: (S1) 0.6500; (P) 0.6514; (R1) 0.6528; More...
AUD/USD lost momentum after rebounding to 0.6540 and intraday bias is turned neutral first. Price actions from 0.6624 are seen as a corrective pattern. Above 0.6540 will extend the rebound from 0.6418 to rest 0.66624 high. On the downside, firm break of 0.6449 support will suggest that the pattern is in it third leg, and deeper fall should be seen through 0.6148 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).
