Daily Pivots: (S1) 0.6512; (P) 0.6551; (R1) 0.6594; More...
Intraday bias in AUD/USD stays on the upside and further rise should be seen to retest 0.6624 high. Firm break there will resume larger rally from 0.5913 to 0.6713 fibonacci level. For now, risk will stay on the upside as long as 0.6500 support holds, in case of retreat.
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).
