Daily Pivots: (S1) 0.6556; (P) 0.6574; (R1) 0.6602; More...
Intraday bias in AUD/USD remains on the upside at this point. As noted before, corrective fall from 0.6706 should have completed with three waves to 0.6439. Further rise should be seen to retest 0.6706 high next. On the downside, below 0.6543 minor support 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. 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 pave the way to 0.6941 structural resistance for confirmation.
