Daily Pivots: (S1) 0.6433; (P) 0.6465; (R1) 0.6481; More...
AUD/USD’s downside acceleration today confirms short term topping at 0.6551. Intraday bias is now on the downside for 38.2% retracement of 0.5913 to 0.6551 at 0.6307, even as a correction. Strong bounce from there will keep the fall as a corrective move. However, decisive break of 0.6307 will argue that it’s already reversing the rise from 0.5913 and target 61.8% retracement at 0.6157.
In the bigger picture, there is no clear sign that down trend from 0.8006 (2021 high) has completed. Rebound from 0.5913 is seen as a corrective move. While stronger rally cannot be ruled out, outlook will remain bearish as long as 38.2% retracement of 0.8006 to 0.5913 at 0.6713 holds. Nevertheless, considering bullish convergence condition in W MACD, even in case of another fall through 0.5913, downside should be contained above 0.5506 (2020 low).
