Daily Pivots: (S1) 0.6479; (P) 0.6505; (R1) 0.6523; More…
Intraday bias in AUD/USD is turned neutral with a temporary low formed at 0.6486. Outlook is unchanged that recovery from 0.6442 has completed at 0.6594. Risk will stay on the downside as long as this resistance holds. Below 0.6486 will bring retest of 0.6442 support first. Firm break there will resume whole decline from 0.6870, and target 61.8% projection of 0.6870 to 0.6442 from 0.6594 at 0.6329 next.
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.
