Daily Pivots: (S1) 0.6449; (P) 0.6481; (R1) 0.6511; More...
Intraday bias in AUD/USD is back on the downside with breach of 0.6457 support. Deeper fall would be seen to 0.6413 cluster (38.2% retracement of 0.5913 to 0.6706 at 0.6403). Decisive break there will carry larger bearish implications. On the upside, above 0.6517 minor resistance will turn intraday bias neutral again 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. Break of 0.6413 support will suggest rejection by 0.6713 and solidify this bearish case. 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.
. Decisive break there will carry larger bearish implications. On the upside, above 0.6517 minor resistance will turn intraday bias neutral again first.){kind=link}