AUD/USD Daily Report

Daily Pivots: (S1) 0.6603; (P) 0.6635; (R1) 0.0.6663; More…

AUD/USD’s extended rebound and break of 0.6664 minor resistance suggests that fall from 0.6804 has completed ahead of 0.6563 low. Intraday bias is back on the upside for stronger rise. Still, outlook remains bearish as long as 0.6804 resistance holds, and down trend resumption through 0.6563 low is in favor at a later stage. Nevertheless, sustained break of 0.6804 should indicate completion of whole fall from 0.7156, and turn near term outlook bullish for retesting this high instead.

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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