Daily Pivots: (S1) 0.6253; (P) 0.6274; (R1) 0.6296; More...
No change in AUD/USD’s outlook and intraday bias remains neutral. Further decline is expected with 0.6301 resistance intact. Firm break of 0.6130 will resume the fall from 0.6941. However, sustained break of 0.6310 will turn bias back to the upside for stronger rebound to 55 D EMA (now at 0.6352), and possibly above.
In the bigger picture, down trend from 0.8006 (2021 high) is resuming with break of 0.6169 (2022 low). Next medium term target is 61.8% projection of 0.8006 to 0.6169 from 0.6941 at 0.5806, In any case, outlook will stay bearish as long as 55 W EMA (now at 0.6545) holds.
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