Daily Pivots: (S1) 0.7141; (P) 0.7204; (R1) 0.7318; More…
Break of 0.7228 minor resistance suggests short term bottoming at 0.7029. Intraday bias in AUD/USD is mildly on the upside for stronger rebound to 55 day EMA (now at 0.7294) and possibly above. But outlook is unchanged that fall from 0.7660 is the third leg of the corrective pattern from 0.8006. On the downside, below 0.7029 will target 0.6966 low first. Firm break there will confirm this bearish case and target 0.6756 medium term fibonacci level next.
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.
