Daily Pivots: (S1) 0.6508; (P) 0.6577; (R1) 0.6640; More...
AUD/USD’s break of 0.6644 resistance indicates short term bottoming at 0.6511, on bullish convergence condition in 4H MACD, after drawing support from 61.8% retracement of 0.6269 to 0.6941 at 0.6526. Intraday bias is back on the upside for 55 D EMA (now at 0.6682). Sustained break there will bring stronger rebound back 61.8% retracement of 0.6941 to 0.6511 at 0.6777.
In the bigger picture, rise from 0.6269 (2023 low) should have completed with three waves up to 0.6941. Corrective pattern from 0.6169 (2022 low) is now extending with another falling leg. Deeper decline would be seen back to 0.6269 as sideway trading extends.
. Sustained break there will bring stronger rebound back 61.8% retracement of 0.6941 to 0.6511 at 0.6777.){kind=link}