Daily Pivots: (S1) 0.6443; (P) 0.6483; (R1) 0.6525; More...
Intraday bias in AUD/USD is turned neutral first with current recovery. Below 0.6439 will target 0.6413 cluster support (38.2% retracement of 0.5913 to 0.6706 at 0.6403). Sustained break there will pave the way to 61.8% retracement at 0.6216. Nevertheless, break of 0.6628 resistance will retain near term bullishness, and 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 pave the way to 0.6941 structural resistance for confirmation.
. Sustained break there will pave the way to 61.8% retracement at 0.6216. Nevertheless, break of 0.6628 resistance will retain near term bullishness, and bring retest of 0.6706 high.){kind=link}