Daily Pivots: (S1) 0.6713; (P) 0.6728; (R1) 0.6752; More...
Intraday bias in AUD/USD’s remains on the upside at this point. Current rise from 0.6420 is part of thew hole rally from 0.5913. Next target is 61.8% projection of 0.5913 to 0.6706 from 0.6420 at 0.6910. For now, risk will stay on the upside as long as 0.6659 support holds, in case of retreat.
In the bigger picture, current development argues that rise form 0.5913 (2024 low) is reversing whole down trend from 0.8006 (2021 high). Further rally should be seen to 61.8% retracement of 0.8006 to 0.5913 at 0.7206. This will remain the favored case as long as 0.6420 support holds.
