AUD/USD Daily Report

Daily Pivots: (S1) 0.6635; (P) 0.6650; (R1) 0.6667; More…

Intraday bias in AUD/USD turned neutral again with current recovery. Corrective pattern from 0.6563 could extend further. But deeper decline is in favor as long as 0.6758 resistance holds. Decisive break of 0.6546 fibonacci level will carry larger bearish implication. On the upside, however, break of 0.6758 resistance will now be a strong signal of bullish reversal and turn bias back to the upside.

In the bigger picture, as long as 61.8% retracement of 0.6169 to 0.7156 at 0.6546 holds, the decline from 0.7156 is seen as a correction to rally from 0.6169 (2022 low) only. Another rise should still be seen through 0.7156 at a later stage. However, sustained break of 0.6546 will raise the chance of long term down trend resumption through 0.6169 low.

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