Daily Pivots: (S1) 0.6597; (P) 0.6611; (R1) 0.6624; More...
Intraday bias in AUD/USD remains on the upside at this point as rise from 0.6420 is in progress. Further rally should be seen to retest 0.6709 resistance next. Decisive break there will resume whole rally from 0.8913. Next target is 61.8% projection of 0.5913 to 0.6706 from 0.6420 at 0.6910. On the downside, below 0.6574 minor support will turn intraday bias neutral first.
In the bigger picture, as long as 38.2% retracement of 0.8006 to 0.5913 at 0.6713 holds, outlook stay bearish and rebound from 0.5913 is treated as a correction to down trend from 0.8006 (2021 high). Break of 0.6420 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.
