Fri, Jun 02, 2023 @ 23:11 GMT

AUD/USD Daily Report

Daily Pivots: (S1) 0.6487; (P) 0.6517; (R1) 0.6536; More…

Intraday bias in AUD/USD stays on the downside for the moment. Current decline from 0.7156 should target 61.8% projection of 0.7156 to 0.6563 from 0.6817 at 0.6451. Firm break there will target 100% projection at 0.6224. On the upside, above 0.6545 minor resistance will turn intraday bias neutral first.

In the bigger picture, rejection by 55 W EMA (now at 0.6822) keeps medium term outlook bearish. Firm break of 61.8% retracement of 0.6169 to 0.7156 at 0.6546 now suggests that whole rebound from 0.6169 has completed at 0.7156 already. Larger down trend from 0.8006 (2021 high) might be ready to resume through 0.6169 low. This will now remain the favored case as long as 0.6817 resistance holds.

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