Daily Pivots: (S1) 0.6521; (P) 0.6538; (R1) 0.6556; More…
Intraday bias in AUD/USD remains neutral first as consolidation from 0.6489 temporary low is extending. Upside of recovery should be limited by 0.6604 support turned resistance to bring another decline. Break of 0.6489 will resuming larger down trend, and 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.
In the bigger picture, rejection by 55 W EMA (now at 0.6822) keeps medium term outlook bearish. Current development suggests that down trend from 0.8006 (2021 high) is possibly still in progress. Retest of 0.6169 (2022 low) should be seen next. Firm break there will confirm down trend resumption. For now, this will remain the favored case as long as 0.6817 resistance holds.
