AUD/USD Mid-Day Report

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

AUD/USD’s break of 0.6716 minor support argues that rebound from 0.6572 has completed. Also, the corrective pattern from 0.6563 might be finished too. Intraday bias is back on the downside for retesting 0.6563 low. Firm break there will resume larger fall from 0.7156. For now, risk will stay mildly on the downside as long as 0.6817 resistance holds, in case of recovery.

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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