Daily Pivots: (S1) 0.6240; (P) 0.6315; (R1) 0.6403; More...
AUD/USD jumped to 0.6388 but reversed again. Intraday bias remains neutral for the moment. Overall, outlook will stay bearish as long as 38.2% retracement of 0.6941 to 0.6087 at 0.6413 holds. Firm of 0.6128 support will argue that corrective pattern from 0.6087 has completed and bring retest of this low.
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.
