Daily Pivots: (S1) 0.6240; (P) 0.6315; (R1) 0.6403; More...
AUD/USD’s steep decline today and breach of 0.6087 support indicates resumption of whole fall from 0.6941. Intraday bias is back on the downside. Next target is 61.8% projection of 0.6941 to 0.6087 from 0.6388 at 0.5860. On the upside, above 0.6154 minor resistance will turn intraday bias neutral and bring consolidations first.
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 0.6388 resistance holds.
