Daily Pivots: (S1) 0.6569; (P) 0.6586; (R1) 0.6619; More...
AUD/USD’s rally from 0.6420 accelerates higher today and the solid break of 0.6579 resistance adds to the case that whole correction from 0.6706 has completed at 0.6420. Intraday bias stays on the upside for retesting 0.6709 and then 0.6713 key fibonacci level. For now, risk will stay on the upside as long as 0.6537 support holds, in case of retreat.
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.
