Daily Pivots: (S1) 0.6258; (P) 0.6299; (R1) 0.6341; More...
AUD/USD spiked higher to 0.6339 but quickly reversed. Intraday bias stays neutral for the moment. On the downside, break of 0.6218 will target 0.6186 support first. Firm break there will indicate that corrective pattern from 0.6087 has completed and larger fall from 0.6941 is ready to resume. However, break of 0.6339 will bring stronger rise back to 0.6390/6407 resistance zone instead.
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 0.6461) holds.
