AUD/USD Daily Report

Daily Pivots: (S1) 0.6557; (P) 0.6580; (R1) 0.6602; More…

Intraday bias in AUD/USD remains neutral at this point. Further rise is in favor as long as 55 4H EMA (now at 0.6562) holds. Above 0.6645 will resume the rebound from 0.6361. On the downside, however, firm break of 55 4H EMA will bring deeper fall back to 0.6464 support 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 could 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.

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