Daily Pivots: (S1) 0.7003; (P) 0.7035; (R1) 0.7087; More…
AUD/USD recovered after dipping to 0.6982 and intraday bias is turned neutral first. Risk stays mildly on the downside as long as 0.7141 resistance holds. Below 0.6982 will resume the correction to 0.6871 support, or further to 55 day EMA (now at 0.6848). On the upside, firm break of 0.7141 will resume the rally from 0.6169 to 0.7304 fibonacci level.
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.
