Daily Pivots: (S1) 0.6542; (P) 0.6589; (R1) 0.6616; More…
Intraday bias in AUD/USD remains neutral first as range trading continues inside 0.6503/6666. On the downside, break of 0.6503 will indicate that larger fall from 0.6870 is ready to resume, and turn bias to the downside for 0.6442 low. 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.
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.
