Daily Pivots: (S1) 0.6494; (P) 0.6505; (R1) 0.6524; More...
AUD/USD’s rebound extended higher today but upside is still capped below 0.6551 resistance. Intraday bias remains neutral first. Consolidations could extend with another falling leg. But near term outlook will stay bullish as long as 38.2% retracement of 0.5913 to 0.6551 at 0.6307 holds. Firm break of 0.6551 will resume the rally from 0.5913.
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).
