Daily Pivots: (S1) 0.6544; (P) 0.6558; (R1) 0.6578; More...
Intraday bias in AUD/USD stays on the upside at this point. Decisive break of 0.6579 resistance should confirm that whole fall from 0.6706 has completed as a three wave correction. Stronger rally should then be seen back to retest 0.6706. However, below 0.6519 minor support will turn intraday bias back to the downside for 0.6413 key support.
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.
