Daily Pivots: (S1) 0.6274; (P) 0.6299; (R1) 0.6342; More...
AUD/USD edged higher today but stays below 0.6329 resistance. Intraday bias remains neutral first. On the downside, break of 0.6234 support will suggest that rebound from 0.6087 has completed after rejection by 0.6329. Intraday bias will be back on the upside for retesting 0.6087 low. However firm break of 0.6329 will bring stronger rebound to 38.2% retracement of 0.6941 to 0.6087 at 0.6413, even just as a corrective move.
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 0.6516) holds.
