AUD/USD Daily Report

Daily Pivots: (S1) 0.6664; (P) 0.6679; (R1) 0.6690; More…

Intraday bias in AUD/USD is turned neutral with current recovery. On the upside, firm break of 0.6740 resistance will argue that pull back from 0.6898 has completed, and turn bias to the upside for stronger rebound. Nevertheless, break of 0.6662 will resume the fall to 61.8% retracement of 0.6457 to 0.6898 at 0.6625. Sustained break there would bring deeper decline back to 0.6457 support.

In the bigger picture, outlook is mixed up by the deeper the expected pull back from 0.6898. Still, price actions from 0.7156 are seen as a correction to rebound from 0.6169. Break of 0.6457 will resume the fall towards 0.6169 low. On the upside, though, break of 0.6898 resistance will argue that rise from 0.6169 is ready to resume through 0.7156.

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