Daily Pivots: (S1) 0.6687; (P) 0.6711; (R1) 0.6731; More…
Intraday bias in AUD/USD is turned neutral with current retreat and some consolidations could be seen first. But further rally is expected as long as 0.6539 support holds. As noted before, fall from 0.7156 could have completed with three waves down to 0.6269. Above 0.6734 will target 0.6894 resistance next.
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.
