AUD/USD Daily Report

Daily Pivots: (S1) 0.6531; (P) 0.6565; (R1) 0.6582; More…

AUD/USD recovered after hitting 0.6524 and intraday bias is turned neutral first. Some consolidations would be seen, but risk stays mildly on the downside as long as 0.6689 resistance holds. Break of 0.6524 will resume the fall from 0.6689 short term top to 55 D EMA (now at 0.6495).

In the bigger picture, there is no confirmation that down trend from 0.8006 (2021 high) has completed. price actions from 0.6169 (2022 low) could be just a medium term corrective pattern, with rise from 0.6269 as the third leg. For now, range trading should be seen between 0.6169 and 0.7156 (2023 high), until further developments.

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