Daily Pivots: (S1) 0.6557; (P) 0.6594; (R1) 0.6619; More…
AUD/USD’s break of 55 4H EMA (now at 0.6585) argues that corrective recovery from 0.6442 has completed with three waves up to 0.6666. Intraday bias is back on the downside for 0.6476 support first. Break there will argue that decline from 0.6870 is ready to resume. On the upside, break of 0.6629 minor resistance will turn bias back to the upside to extend the rebound from 0.6442 instead.
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.
 argues that corrective recovery from 0.6442 has completed with three waves up to 0.6666. Intraday bias is back on the downside for 0.6476 support first. Break there will argue that decline from 0.6870 is ready to resume. On the upside, break of 0.6629 minor resistance will turn bias back to the upside to extend the rebound from 0.6442 instead.){kind=link}