Daily Pivots: (S1) 0.6548; (P) 0.6583; (R1) 0.6609; More...
A temporary top is formed at 0.6616 in AUD/USD with current retreat and intraday bias is turned neutral. Outlook is unchanged that corrective fall from 0.6706 should have completed with three waves to 0.6439. Above 0.6616 will target a retest on 0.6706 high next. However, break of 0.6524 resistance turned support will dampen this view, and bring deeper fall back to 0.6439 support instead.
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.
