Daily Pivots: (S1) 0.6419; (P) 0.6478; (R1) 0.6514; More…
AUD/USD’s decline from 0.6870 resumed by breaking 0.6468 support. Intraday bias is back on the downside for 61.8% projection of 0.6870 to 0.6524 from 0.6621 at 0.6407. Firm break there will target 100% projection at 0.6275, which is close to 0.6269 support. On the upside, 0.6542 resistance is needed to indicate 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.
