Daily Pivots: (S1) 0.6191; (P) 0.6218; (R1) 0.6236; More...
Intraday bias in AUD/USD remains mildly on the downside for retesting 0.6130 low. Firm break there will resume whole fall from 0.6941. On the upside, break of 0.6329 resistance will extend the corrective pattern from 0.6130 with another rally. But in this case, strong resistance is expected from 38.2% retracement of 0.6941 to 0.6130 at 0.6440 to limit upside to complete this pattern.
In the bigger picture, fall from 0.6941 (2024 high) is seen as part of the down trend from 0.8006 (2021 high). 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.
