AUD/USD Daily Report

Daily Pivots: (S1) 0.6532; (P) 0.6559; (R1) 0.6594; More…

Intraday bias in AUD/USD is turned neutral first with current retreat. Another rise is mildly in favor as long as 0.6482 support holds. Fall from 0.6870 might have completed at 0.6361 already Above 0.6585 will target 0.6643 resistance next. However, firm break of 0.6482 will dampen this view and bring retest of 0.6361 low instead.

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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