Daily Pivots: (S1) 0.6844; (P) 0.6896; (R1) 0.6937; More…
Intraday bias in AUD/USD is turned neutral first with current recovery. Correction from 0.7156 could still extend lower. But downside should be contained by 38.2% retracement of 0.6169 to 0.7156 at 0.6779 to bring rebound. For now, break of 0.7156 is not expected soon, as correction from there should extend for a while.
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.
