Daily Pivots: (S1) 0.6468; (P) 0.6504; (R1) 0.6528; More...
Intraday bias in AUD/USD remains on the downside. Fall from 0.6616 is the third leg of the pattern from 0.6706, and should target 0.6413 cluster support (38.2% retracement of 0.5913 to 0.6706 at 0.6403). Strong support should be seen from 0.6403/13 to bring rebound to extend range trading. . However, sustained trading below there will carry larger bearish implications. On the upside, above 0.6516 minor resistance will turn bias neutral first.
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. Break of 0.6413 support will suggest rejection by 0.6713 and solidify this bearish case. 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.
. Strong support should be seen from 0.6403/13 to bring rebound to extend range trading. . However, sustained trading below there will carry larger bearish implications. On the upside, above 0.6516 minor resistance will turn bias neutral first.){kind=link}