Daily Pivots: (S1) 0.6263; (P) 0.6276; (R1) 0.6296; More...
Intraday bias in AUD/USD remains neutral for the moment. Further decline is expected as long as 0.6329 resistance holds. Below 0.6239 minor support will bring retest of 0.6087 short term bottom first. Further break of 0.6087 will resume larger fall from 0.6941. However, firm break of 0.6329 will turn bias back to the upside for stronger rebound.
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 0.6511) holds.
