Daily Pivots: (S1) 0.6559; (P) 0.6576; (R1) 0.6601; More…
Intraday bias in AUD/USD remains on the upside for the moment. Current rally from 0.6269 should extend to channel resistance (now at 0.6665). Sustained break there will pave the way to 0.6894 resistance next. On the downside, below 0.6585 minor support will turn intraday bias neutral and bring consolidations first. But further rise will remain in favor as long as 0.6521 resistance turned support holds.
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.
. Sustained break there will pave the way to 0.6894 resistance next. On the downside, below 0.6585 minor support will turn intraday bias neutral and bring consolidations first. But further rise will remain in favor as long as 0.6521 resistance turned support holds.){kind=link}