Daily Pivots: (S1) 0.6483; (P) 0.6521; (R1) 0.6558; More...
AUD/USD’s break of 0.6504 support suggest that rebound from 0.6413 has completed at 0.6559. Corrective pattern from 0.6624 is extending with another falling leg. Intraday bias is mildly on the downside for 0.6413 support, and possibly below. On the upside, though, firm break of 0.6567 should confirm that the corrective pattern has completed and larger rally is ready to resume through 0.6624.
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).
