Daily Pivots: (S1) 0.6563; (P) 0.6595; (R1) 0.6616; More...
AUD/USD’s fall from 0.6706 resumed by breaking through 0.6574 and intraday bias is back on the downside. Sustained break of 55 D EMA (now at 0.6545) will confirm rejection by 0.6713 fibonacci resistance, and bring deeper fall to 06413 cluster support. For now, risk will stay on the downside as long as 0.6627 resistance holds, in case of recovery.
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. 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, sustained break of 0.6713 will be a strong sign of bullish trend reversal, and path the way to 0.6941 structural resistance for confirmation.
 will confirm rejection by 0.6713 fibonacci resistance, and bring deeper fall to 06413 cluster support. For now, risk will stay on the downside as long as 0.6627 resistance holds, in case of recovery.){kind=link}