AUD/USD Daily Report

Daily Pivots: (S1) 0.6473; (P) 0.6495; (R1) 0.6536; More…

AUD/USD’s rise from 0.6269 resumes today by breaking through 0.6541 resistance. Intraday bias is back on the upside. Current development argues that whole decline from 0.7156 has completed with three waves down to 0.6269. Further rally should be seen to falling channel resistance (now at 0.6676) next. Nevertheless, below 0.6451 support will dampen this bullish view and turn intraday bias neutral first.

In the bigger picture, there is no confirmation that down trend from 0.8006 (2021 high) has completed. While current rebound from 0.6269 might extend higher, it could be the third leg of the corrective pattern from 0.6169 (2022 low) only. For now, medium term bearishness will remain as long as 0.6894 resistance holds.

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