AUD/USD Daily Report

Daily Pivots: (S1) 0.6743; (P) 0.6780; (R1) 0.6817; More…

AUD/USD edged higher to 0.6817 but quickly retreated after failing to sustain above 0.6804 resistance. Intraday bias remains neutral for the moment. On the upside, decisive break of 0.6817 resistance will indicate completion of whole fall from 0.7156, and turn near term outlook bullish for retesting this high. However, break of 0.6716 minor support will indicate rejection by 0.6804. That would retain near term bearishness, and turn bias back to the downside for retesting 0.6563/72 support zone, with prospect of resuming the whole decline from 0.7156.

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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