Daily Pivots: (S1) 0.6477; (P) 0.6514; (R1) 0.6562; More...
Breach of 0.6545 temporary top suggest that AUD/USD’s rally from 0.5913 is resuming. Intraday bias is mildly on the upside for 0.6713 fibonacci level. However, break of 0.6455 support will turn bias back to the downside for deeper pullback.
In the bigger picture, AUD/USD is still struggling to sustain above 55 W EMA (now at 0.6443) cleanly, and outlook is mixed. Sustained trading above 55 W EMA will indicate that rise from 0.5913 is at least correcting the down trend from 0.8006 (2021 high), with risk of trend reversal. Further rise should be seen to 38.2% retracement of 0.8006 to 0.5913 at 0.6713. However, rejection by 55 W EMA will revive medium term bearishness for another fall through 0.5913 at a later stage.
