Daily Pivots: (S1) 0.6521; (P) 0.6539; (R1) 0.6575; More...
AUD/USD’s rebound continues today but stays below 0.6594 resistance. Intraday bias remains neutral at this point. On the downside, break of 0.6453 will extend the correction from 0.6594 to 38.2% retracement of 0.5913 to 0.6594 at 0.6334. Nevertheless, firm break of 0.6593 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).
