Daily Pivots: (S1) 0.6562; (P) 0.6595; (R1) 0.6623; More…
Intraday bias in AUD/USD is turned neutral first as it recovered ahead of 161.8% projection of of 0.6854 to 0.7028 from 0.6854 at 0.6539, with 4 hour MACD crossed above signal line. On the upside, break of 0.6694 support turned resistance will indicate short term bottoming, and turn bias back to the upside for rebound to 55 day EMA (now at 0.6825). On the downside, however, sustained break of 0.6539 will pave the way to retest 0.6169 low.
In the bigger picture, rise from 0.6169 (2022 low) has completed at 0.7156, after rejection by 55 month EMA (now at 0.7164). Deeper decline would then be see back to 61.8% retracement of 0.6169 to 0.7156 at 0.6546, even as a corrective fall. Sustained break there will raise the chance of long term down trend resumption through 0.6169 low.
