Daily Pivots: (S1) 0.7046; (P) 0.7103; (R1) 0.7135; More...
AUD/USD’s pullback from 0.7187 accelerates lower today but downside is held well above 0.6943 support. Intraday bias remains neutral and outlook stays bullish. Firm break of 100% projection of 0.5913 to 0.6706 from 0.6420 at 0.7213 could prompt upside acceleration to 161.8% projection at 0.7703. However, firm break of 0.6943 will indicate that a larger scale correction is already underway.
In the bigger picture, current development argues that rise from 0.5913 (2024 low) is reversing whole down trend from 0.8006 (2021 high). Decisive break of 61.8% retracement of 0.8006 to 0.5913 at 0.7206 will pave the way back to 0.8006. This will remain the favored case as long as 0.6706 resistance turned support holds, even in case of deep pullback.
