Daily Pivots: (S1) 0.7193; (P) 0.7286; (R1) 0.7338; More…
Intraday bias in AUD/USD remains on the downside with focus on 0.7164 support. Decisive break there will confirm that whole rebound from 0.6966 has completed at 0.7660. More importantly, such development will suggest that larger correction from 0.8006 has already started the third leg. Deeper decline would be seen back to retest 0.6966 low next. On the upside, break of 0.7342 support turned resistance is needed to indicate short term bottoming. Otherwise, further decline will remain in favor even in case of recovery.
In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). Break of 0.7164 will suggest that such correction is still in progress, with fall from 0.7660 as the third leg. Next target will be 50% retracement of 0.5506 to 0.8006 at 0.6756. On the upside, break of 0.7660 will revive that case that the correction has already completed at 0.6966.
