Daily Pivots: (S1) 0.6622; (P) 0.6642; (R1) 0.6677; More...
Intraday bias in AUD/USD is back on the upside with break of 0.6685. Focus is now on 0.6707/13 resistance zone. Decisive break there will resume the whole rise from 0.5913 and target 61.8% projection of 0.5913 to 0.6706 from 0.6420 at 0.6910. For now, outlook will stay bullish as long as 0.6592 support holds, in case of retreat.
In the bigger picture, the break of multi-year falling trend line resistance suggests that rise from 0.5913 is possibly reversing whole down trend from 0.8006 (2021 high). Decisive break of 38.2% retracement of 0.8006 to 0.5913 at 0.6713 will solidify this case, and bring further rally to 61.8% retracement at 0.7206. On the downside, however, firm break of 0.6420 support will suggest rejection by 0.6713 and retain medium term bearishness.
