Daily Pivots: (S1) 0.6897; (P) 0.6946; (R1) 0.6974; More…
AUD/USD is staying in consolidation above 0.6854 and intraday bias stays neutral. 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. On the upside, sustained break of 4 hour 55 EMA (now at 0.6989) will bring retest of 0.7156 high.
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.
