Daily Pivots: (S1) 0.6612; (P) 0.6639; (R1) 0.6687; More...
AUD/USD’s rally continues today and intraday bias stays on the upside. Current rally from 0.5913 should target 0.6713 fibonacci level. Decisive break there will carry larger bullish implications. On the downside, below 0.6589 minor support will turn intraday bias neutral first and bring consolidations.
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, sustained break of 0.6713 will be a strong sign of bullish trend reversal, and path the way to 0.6941 structural resistance for confirmation.
