Daily Pivots: (S1) 0.6238; (P) 0.6282; (R1) 0.6312; More…
AUD/USD dips today but stays inside range of 0.6169/6362 and intraday bias remains neutral. Further decline is expected with 0.6362 support turned resistance intact. Firm break of 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155 will target 138.2% projection at 0.5781. Nevertheless, break of 0.6362 will indicate short term bottoming, on bullish convergence condition in 4 hour MACD, and bring stronger rebound back to 0.6539 resistance.
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.
