Daily Pivots: (S1) 0.6366; (P) 0.6392; (R1) 0.6428; More...
Range trading continues in AUD/USD and intraday bias stays neutral. On the upside, above 0.6448 will resume the rebound from 0.5913 to 61.8% retracement of 0.6941 to 0.5913 at 0.6548. However, firm break of 0.6343 support will confirm short term topping. Intraday bias will be turned back to the downside for 38.2% retracement of 0.5913 to 0.6448 at 0.6244.
In the bigger picture, as long as 55 W EMA (now at 0.6440) holds, the down trend from 0.8006 (2021 high) should resume later to 61.8% projection of 0.8006 to 0.6169 from 0.6941 at 0.5806. However, sustained trading above 55 W EMA will argue that a medium term bottom was already formed, and set up further rebound to 0.6941 resistance instead.
