Daily Pivots: (S1) 0.6340; (P) 0.6365; (R1) 0.6387; More...
Range trading continues in AUD/USD and intraday bias remains neutral for the moment. On the upside, sustained break of 0.6407 will resume the rebound from 0.6087 to 100% projection of 0.6087 to 0.6407 from 0.6186 at 0.6506, even still as a corrective move. On the downside, below 0.6268 will turn bias back to the downside for 0.6186 support.
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 0.6482) holds.
