Daily Pivots: (S1) 0.6591; (P) 0.6614; (R1) 0.6628; More...
AUD/USD’s fall from 0.6685 extends lower today. But for now, it’s seen as a near term corrective retreat, and intraday bias remains neutral. On the upside, firm break of 0.6706 will confirm resumption of whole rise from 0.5913. Next target is 61.8% projection of 0.5913 to 0.6706 from 0.6420 at 0.6910. However, sustained break of 55 D EMA (now at 0.6561) will extend the corrective pattern from 0.6706 with another falling leg, and target 0.6420 support.
In the bigger picture, the break of multi-year falling trend line resistance suggests that rise from 0.5913 is possibly reversing whole down trend from 08006 (2021 high). Decisive break of 38.2% retracement of 0.8006 to 0.5913 at 0.6713 will solidify this case, and bring further rally to 61.8% retracement at 0.7206. On the downside, however, firm break of 0.6420 support will suggest rejection by 0.6713 and retain medium term bearishness.
 will extend the corrective pattern from 0.6706 with another falling leg, and target 0.6420 support.){kind=link}