Daily Pivots: (S1) 0.6423; (P) 0.6439; (R1) 0.6465; More…
AUD/USD’s recovery from 0.6361 continues today but stays below 0.6480 support turned resistance. Intraday bias remains neutral first. Upside is still expected to be limited by 0.6480 support turned resistance to bring another decline. On the downside, break of 0.6361 will resume the fall from 0.6870 to 100% projection of 0.6870 to 0.6442 from 0.6643 at 0.6215. Nevertheless, sustained break of 0.6480 will bring stronger rebound to 55 D EMA (now at 0.6527).
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.
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