Daily Pivots: (S1) 0.6478; (P) 0.6509; (R1) 0.6539; More...
Intraday bias in AUD/USD remains neutral for the moment. Decline from 0.6594 could extends lower. Break of 0.6453 will target 38.2% retracement of 0.5913 to 0.6594 at 0.6334, as a correction to the whole rally from 0.5913. Risk will stay mildly on the downside for now as long as 0.6594 resistance holds, in case of stronger recovery.
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).
