Daily Pivots: (S1) 0.6527; (P) 0.6540; (R1) 0.6553; More…
No change in AUD/USD’s outlook as consolidation from 0.6442 is extending. Intraday bias remains neutral for the moment. Stronger recovery cannot be ruled out, but outlook will remain bearish as long as 0.6621 resistance holds. Break of 0.6642 will resume the decline from 0.6870 towards 0.6269 low.
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.
