AUD/USD Daily Report

Daily Pivots: (S1) 0.6443; (P) 0.6482; (R1) 0.6515; More…

AUD/USD is extending the consolidation from 0.6363 and intraday bias remains neutral. Stronger recovery cannot be ruled out, but upside should be limited by 0.6615 resistance. Break of 0.6363 will resume larger fall from 0.7156 to 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195.

In the bigger picture, current development argues that the down trend from 0.8006 (2021 high) is still in progress. Decisive break of 0.6169 will target 61.8% projection of 0.8006 to 0.6169 to 0.7156 at 0.6021. This will now remain the favored case as long as 0.6894, in case of strong rebound.

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