Daily Pivots: (S1) 0.6535; (P) 0.6565; (R1) 0.6622; More...
AUD/USD’s break of 0.6567 resistance confirms short term bottoming at 0.6348 and stronger rebound is underway. Intraday bias is back on the upside for 55 D EMA (now at 0.6614). Sustained break there will target 0.6798 resistance. On the downside, break of 0.6506 minor support will turn bias back to the downside for retesting 0.6348 instead.
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 55 D EMA (now at 0.6614) holds, in case of rebound.
. Sustained break there will target 0.6798 resistance. On the downside, break of 0.6506 minor support will turn bias back to the downside for retesting 0.6348 instead.){kind=link}