Daily Pivots: (S1) 0.6494; (P) 0.6518; (R1) 0.6553; More...
AUD/USD’s rebound from 0.6418 resumed by breaking 0.6540 temporary top and intraday bias is back on the upside. Further rise should be seen back to retest 0.6625 high. Overall, price actions from 0.6624 are seen as a corrective pattern that might still extend. On the downside, break of 0.6481 will suggest that it’s in the third leg and bring deeper fall to 0.6418 first.
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).
