Daily Pivots: (S1) 0.6539; (P) 0.6550; (R1) 0.6564; More...
AUD/USD’s rebound lost momentum ahead of 0.6567 resistance and retreated. Intraday bias remains neutral for the moment. On the upside, firm break of 0.6567 should confirm that corrective pattern from 0.6624 has completed at 0.6413, and larger rally is ready to resume. Retest of 0.6624 high should be seen next. On the downside, break of 0.6504 resistance turned support will turn bias back to the downside to extend the corrective pattern with another fall, and target 0.6413 support, and possibly below.
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).
