AUD/USD Daily Report

Daily Pivots: (S1) 0.6371; (P) 0.6402; (R1) 0.6458; More…

Intraday bias in AUD/USD is turned neutral as it rebounded strongly after hitting 0.6330. But as long as 0.6510 resistance holds, another decline is still expected. Break of 0.6330 will resume larger fall from 0.7156 to 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195 next. However, firm break of 0.6510 will confirm short term bottoming, and turn bias back to the upside.

In the bigger picture, down trend from 0.8006 (2021 high) is possibly 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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