Daily Pivots: (S1) 0.6664; (P) 0.6742; (R1) 0.6787; More…
Intraday bias in AUD/USD is turned neutral with current recovery. While deeper fall cannot be ruled out, strong support should be seen from 0.6594 to complete to corrective pattern from 0.6898. On the upside, break of 0.6714 support turned resistance will turn bias back to the upside for retesting 0.6894/8 resistance zone. However, sustained break of 0.6594 will dampen this will and bring deeper fall towards 0.6457.
In the bigger picture, outlook is mixed for now as AUD/USD failed to sustain above both 55 D EMA (now at 0.6720) and 55 W EMA (now at 0.6784). On the upside, break of 0.65898 resistance will solidify the case that down trend from 0.8006 (2021 high) has already completed, and target 0.7156 resistance for confirmation. However, break of 0.6457 will likely resume the down trend through 0.6169 (2022 low).
