Daily Pivots: (S1) 0.6755; (P) 0.6796; (R1) 0.6835; More…
No change in AUD/USD’s outlook as rise from 0.6457 is still in progress. Intraday bias stays on the upside for the moment. Decisive break of 0.6817 should confirm near term bullish reversal, and pave the way to retest 0.7156 resistance next. On the downside though, below 0.6736 minor support will turn intraday bias neutral first.
In the bigger picture, as long as 0.6817 resistance holds, the decline from 0.7156, as well as the down trend from 0.8006 (2021) are still in favor to continue through 0.6169 (2022 low) at a later stage. However, firm break of 0.6817 will indicate that fall from 0.7156 has completed in a three-wave corrective structure. Such development will argue that rise from 0.6169 is ready to resume through 0.7156, and add credence to the case that whole down trend from 0.8006 has completed already.
