Daily Pivots: (S1) 0.6898; (P) 0.6953; (R1) 0.6981; More...
AUD/USD’s corrective pattern from 0.7093 extended with another dip and intraday bias remains neutral. Lengthier consolidation would likely be seen, with risk of deeper pullback to 38.2% retracement of 0.6420 to 0.7093 at 0.6836. But downside should be contained there to bring rebound. On the upside, break of 0.7093 will extend larger up trend to 100% projection of 0.5913 to 0.6706 from 0.6420 at 0.7213 next.
In the bigger picture, current development argues that rise from 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 0.6706 resistance turned support holds, even in case of deep pullback.
