Daily Pivots: (S1) 0.6564; (P) 0.6584; (R1) 0.6622; More...
Intraday bias in AUD/USD remains on the upside for the moment. Rise from 0.5913 is in progress and should target 0.6713 fibonacci level. On the downside, below 0.6578 minor support will turn intraday bias neutral and bring consolidations. But near term outlook will continue to stay bullish as long as 0.6453 support holds.
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).
