Daily Pivots: (S1) 0.6397; (P) 0.6463; (R1) 0.6500; More...
AUD/USD’s break of 0.6453 support confirms short term topping at 0.6624, on bearish divergence condition in D MACD. Fall from there is tentatively seen as a correction to rise from 0.5913. Intraday bias is now on the downside for 38.2% retracement of 0.5913 to 0.6624 at 0.6352. Strong support is expected from 0.6352 to bring rebound. Above 0.6528 minor resistance will turn intraday bias neutral first.
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).
