Daily Pivots: (S1) 0.6548; (P) 0.6570; (R1) 0.6611; More...
AUD/USD’s rally resumed by breaching 0.6589 and intraday bias is back on the upside. Rise from 0.5913 should target 0.6713 fibonacci level next. ON the downside, however, firm break of 0.6484 support will now indicate short term topping, and turn bias back to the downside for 0.6372 support.
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).
