Daily Pivots: (S1) 0.6523; (P) 0.6546; (R1) 0.6590; More….
AUD/USD’s strong break of 55 D EMA suggests that fail from 0.6666 has completed with three waves down to 0.6480. Rise from there is now seen as the third leg of the corrective pattern from 0.6442. Intraday bias is back on the upside for 0.6633 resistance first. Break there will target 0.6666 and above. On the downside, though, below 0.6559 minor support will turn intraday bias neutral first.
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.
