Daily Pivots: (S1) 0.6447; (P) 0.6495; (R1) 0.6525; More...
AUD/USD retreated once again after edging higher to 0.6551. Intraday bias is turned neutral. On the downside, break of 0.6455 support will turn bias back to the downside for deeper pullback to 55 D EMA (now at 0.6425) and below. Nevertheless, above 0.6651 will extend the rally from 0.5913 towards 0.6713 fibonacci level.
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.
 and below. Nevertheless, above 0.6651 will extend the rally from 0.5913 towards 0.6713 fibonacci level.){kind=link}