Daily Pivots: (S1) 0.6283; (P) 0.6318; (R1) 0.6341; More...
Intraday bias in AUD/USD remains on the downside for the moment. Corrective rebound from 0.6087 could have completed ahead of 38.2% retracement of 0.6941 to 0.6087 at 0.6413. Deeper fall should be seen to retest 0.6087. For now, risk will stay on the downside as long as 0.6407 holds, in case of recovery.
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 0.6505) holds.
