Daily Pivots: (S1) 0.7021; (P) 0.7100; (R1) 0.7142; More…
AUD/USD’s decline resumed after brief recovery and intraday bias is back on the downside. Current development suggests that larger correction from 0.8006 is in its third leg. Deeper fall should be seen to retest 0.6966 low first. Break will target 0.6756 medium term fibonacci level next. On the upside, above 0.7179 minor resistance will turn intraday bias neutral again.
In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). Fall from 0.7660 should be the third leg of this pattern. Break of 0.6966 will target 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.
