Daily Pivots: (S1) 0.6558; (P) 0.6576; (R1) 0.6596; More...
Intraday bias in AUD/USD is turned neutral first with current retreat. Some consolidations would be seen but further rise is expected as long as 0.6484 support holds. Above 0.6594 will resume the rally from 0.5913 and target 0.6713 fibonacci level.
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).
