Daily Pivots: (S1) 0.6981; (P) 0.7053; (R1) 0.7095; More…
Intraday bias in AUD/USD is turned back to the downside with break of 0.7008 minor support. Deeper fall would be seen back to 0.6868 support first. Decisive break there will argue that whole rebound from 0.6680 is finished. ON the upside, break of 0.7135 will resume the rise from 0.6680 towards 0.7282 resistance.
In the bigger picture, price actions from 0.8006 (2021 high) is seen more as a corrective pattern to rise from 0.5506 (2020 low). Or it could be 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.
