Daily Pivots: (S1) 0.6537; (P) 0.6562; (R1) 0.6612; More…
AUD/USD’s strong rebound suggests that fall from 0.6666 has completed at 0.6503 already. But upside is kept below this resistance for now and intraday bias stays neutral. On the upside, break of 0.6666 will resume the rise from 0.6442 to 61.8% retracement of 0.6870 to 0.64420 at 0.6707. On the downside, break of 0.6503 will argue that fall from 0.6870 is ready to resume through 0.6442 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.
