Daily Pivots: (S1) 0.6390; (P) 0.6456; (R1) 0.6497; More…
AUD/USD is retreating further away from 0.6550 and intraday bias stays neutral first. Above 0.6550 will resume the corrective rise from 0.6169 towards 0.6680 support turned resistance. On the downside, though, break of 0.6271 support will indicate that the corrective rise has completed, after rejection by 55 day EMA. Intraday bias will be back on the downside through 0.6169 low to resume larger down trend.
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.
