Daily Pivots: (S1) 0.6465; (P) 0.6497; (R1) 0.6536; More…
Further decline is expected in AUD/USD as long as 0.6558 resistance holds. Current down trend 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, however, break of 0.6558 resistance will now indicate short term bottoming, and turn bias back to the upside for stronger rebound.
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.
