Daily Pivots: (S1) 0.6511; (P) 0.6547; (R1) 0.6608; More…
AUD/USD’s strong break of 0.6558 minor resistance confirm short term bottoming at 0.6457, just ahead of 61.8% projection of 0.7156 to 0.6563 from 0.6817 at 0.6451. Intraday bias is back on the upside for 55 D EMA (now at 0.6659). Sustained break there will target 0.6817 resistance next. Nevertheless, rejection by 55 D EMA will keep near term outlook bearish. Firm break of 0.6451 will resume the fall from 0.7156 to 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.
. Sustained break there will target 0.6817 resistance next. Nevertheless, rejection by 55 D EMA will keep near term outlook bearish. Firm break of 0.6451 will resume the fall from 0.7156 to 100% projection at 0.6224.){kind=link}