Daily Pivots: (S1) 0.6866; (P) 0.6893; (R1) 0.6931; More…
AUD/USD’s down trend resumed by breaking through 0.6828 support. Intraday bias is now on the downside for 0.6756/60 cluster support. Strong support could be seen there to bring rebound. On the upside, above 0.6918 resistance will turn bias back to the upside. However, sustained break of 0.6756/60 will carry larger bearish implication and target 0.6461 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). Deeper fall could still be seen to 50% retracement of 0.5506 to 0.8006 at 0.6756. This coincides with 100% projection of 0.8006 to 0.7105 from 0.7660 at 0.6760. Strong support is expected from 0.6756/60 cluster to contain downside to complete the correction. However firm break of 0.6756/60 will raise the chance of bearish reversal and target 61.8% retracement at 0.6461.
