Daily Pivots: (S1) 0.6581; (P) 0.6599; (R1) 0.6616; More...
Despite breaching 0.6622 minor resistance. momentum of AUD/USD’s recovery is so far weak. Intraday bias is turned neutral first. On the downside, below 0.6574 will resume the fall from 0.6706 short term top to 55 D EMA (now at 0.6544). Firm break there will target 0.6413 support. On the upside, however, decisive break of 0.6713 fibonacci level will resume rally from 0.5913, and carry larger bullish implications.
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, however, decisive break of 0.6713 fibonacci level will resume rally from 0.5913, and carry larger bullish implications.){kind=link}