Daily Pivots: (S1) 0.6580; (P) 0.6600; (R1) 0.6614; More...
Intraday bias in AUD/USD remains on the downside for the moment. Fall from 0.6706 short term top should target 55 D EMA (now at 0.6540). Firm break there will target 0.6413 support. On the upside, though above 0.6622 minor resistance will bring retest of 0.6706 high.
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. 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.
. Firm break there will target 0.6413 support. On the upside, though above 0.6622 minor resistance will bring retest of 0.6706 high.){kind=link}