Daily Pivots: (S1) 0.6473; (P) 0.6541; (R1) 0.6581; More…
Intraday bias in AUD/USD stays on the downside for the moment. Fall from 0.6870 is in progress for 61.8% projection of 0.6870 to 0.6524 from 0.6621 at 0.6407. On the upside, break of 0.6621 resistance is needed to signal short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, price actions from 0.6169 (2022 low) are seen as a medium term corrective pattern to the down trend from 0.8006 (2021 high). Fall from 0.7156 (2023 high) is seen as the second leg, which might still be in progress. Overall, sideway trading could continue in range of 0.6169/7156 for some more time. But as long as 0.7156 holds, an eventual downside breakout would be mildly in favor.
