Daily Pivots: (S1) 0.6783; (P) 0.6819; (R1) 0.6848; More…
Intraday bias in AUD/USD remains neutral with focus on 0.6873 minor resistance. Firm break there should confirm short term bottoming at 0.6680, on bullish convergence condition in 4 hour MACD. Stronger rebound should then be seen to 55 day EMA (now at 0.6982) and above. On the downside, though, break of 0.6680 will resume larger down trend to next fibonacci level at 0.6461.
In the bigger picture, price actions from 0.8006 could still be a corrective pattern to rise from 0.5506 (2020 low). But current downside acceleration is raising the chance that it’s a bearish impulsive move. In either case, outlook will remain bearish as long as 0.7282 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.
