Daily Pivots: (S1) 0.7082; (P) 0.7112; (R1) 0.7146; More…
With 0.7061 minor support intact, further rise could still be seen in AUD/USD. Firm break of 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7168 will target 0.7304 fibonacci level. However, break of 0.7061 will turn bias back to the downside for pull back towards 0.6871 support.
In the bigger picture, corrective decline from 0.8006 (2021 high) should have completed with three waves down to 0.6169 (2022 low). Further rally should be seen to 61.8% retracement of 0.8006 to 0.6169 at 0.7304. Sustained break there will pave the way to retest 0.8006. This will now remain the favored case as long as 0.6721 support holds.
