Daily Pivots: (S1) 0.6566; (P) 0.6593; (R1) 0.6608; More...
AUD/USD’s fall from 0.6798 accelerates lower today and there is no sign of bottoming. Intraday bias stays on the downside for 61.8% retracement of 0.6361 to 0.6798 at 0.6528. Sustained break there will pave the way back to 1.6361 support next. On the upside, above 0.6609 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.
In the bigger picture, overall, price actions from 0.6169 (2022 low) are seen as a medium term corrective pattern, with fall from 0.6798 as another falling leg. Deeper fall could be seen to the lower side of the range between 0.6169/6361. But strong support should be seen there to contain downside. For now, risk will stay on the downside as long as 0.6798 resistance holds, in case of rebound.
