Daily Pivots: (S1) 0.6578; (P) 0.6625; (R1) 0.6709; More…
AUD/USD’s rise from 0.6269 resumed by breaking through 0.6689 and intraday bias is back on the upside. Also, the firm break of medium term channel resistance suggests that whole fall from 0.7156 has completed with three waves down to 0.6269. Further rise should be seen to 0.6894 resistance next. Meanwhile, near term outlook will stay cautiously bullish as long as 0.6524 support holds, in case of retreat.
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. Rise from 0.6269 is seen as the third leg of the pattern. For now, range trading should be seen between 0.6169 and 0.7156 (2023 high), until further developments.
