Daily Pivots: (S1) 0.6338; (P) 0.6385; (R1) 0.6416; More…
Intraday bias in AUDUSD stays on the downside this week. Current down trend should target 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155 next. On the upside, break of 0.6539 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, down trend form 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. Next target is 0.5506 low. Medium term momentum will now be closely monitored to gauge the chance of break of 0.5506.
