Daily Pivots: (S1) 0.6450; (P) 0.6501; (R1) 0.6557; More…
AUD/USD breached 0.6521 resistance but failed to sustain above there. Intraday remains neutral first. On the upside, decisive break of 0.6521 resistance will now complete a head and shoulder bottom pattern (ls: 0.6362; h: 0.6169; rs: 0.6271). Further rally should be seen to 100% projection of 0.6169 to 0.6521 from 0.6271 at 0.6623, and then 161.8% projection at 0.6841. Nevertheless, break of 0.6271 will bring retest of 0.6169 low instead.
In the bigger picture, down trend from 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. Medium term momentum remains strong and retest of 0.5506 (2020 low) cannot be ruled out. But firm break of 0.6680 will be the first sign of reversal, and bring stronger rebound back to 0.7135 resistance.
