Daily Pivots: (S1) 0.6406; (P) 0.6432; (R1) 0.6446; More…
Intraday bias in AUD/USD is back on the downside a recent decline resumes through 0.6388 temporary low. Sustained break of 61.8% projection of 0.6870 to 0.6442 from 0.6643 at 0.6378 will extend the fall from 0.6870 to 100% projection at 0.6215. On the upside, break of 0.6455 resistance will turn intraday bias neutral again 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 is still 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.
