Daily Pivots: (S1) 0.6259; (P) 0.6280; (R1) 0.6304; More...
AUD/USD’s rally from 0.6130 extended with break of 0.6301 resistance. Intraday bias is back on the upside for 55 D EMA (now at 0.6352), and possibly above. But strong resistance should be seen from 38.2% retracement of 0.6941 to 0.6130 at 0.6440 to limit upside. On the downside, break of 0.6252 minor support will bring retest of 0.6130 low instead.
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.
, and possibly above. But strong resistance should be seen from 38.2% retracement of 0.6941 to 0.6130 at 0.6440 to limit upside. On the downside, break of 0.6252 minor support will bring retest of 0.6130 low instead.){kind=link}