AUD/USD Daily Report

Daily Pivots: (S1) 0.6662; (P) 0.6729; (R1) 0.6769; More…

Intraday bias in AUD/USD remains mildly on the downside for retesting 0.6563 low. Consolidation pattern from there might have completed with three waves to 0.6817 already. Firm break of 0.6563 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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