Daily Pivots: (S1) 0.6850; (P) 0.6889; (R1) 0.6917; More…
Despite some loss of downside momentum, intraday bias in AUD/USD stays on the downside. Corrective rebound from 0.6680 should have completed with three waves up to 0.7135. Deeper decline should be seen for retesting 0.6680 low next. On the upside, above 0.6969 minor resistance will mix up the outlook and turn intraday bias neutral first.
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 also 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.
