Daily Pivots: (S1) 0.6463; (P) 0.6516; (R1) 0.6549; More...
Intraday bias in AUD/USD is turned neutral first with the current steep retreat. On the downside, firm break of 0.6481 support will argue that corrective pattern from 0.6624 is extending with another falling leg. Intraday bias will be back on the downside for 0.6418 first. Break there will target 38.2% retracement of 0.5913 to 0.6624 at 0.6352. On the upside, above 0.6567 will extend the rebound from 0.6418 to retest 0.6624 high.
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).
