Daily Pivots: (S1) 0.7078; (P) 0.7110; (R1) 0.7159; More...
Intraday bias in AUD/USD is turned neutral first with current retreat, and some consolidations would be seen. But downside should be contained above 0.6896 support to bring another rally. On the upside, above 0.7146 will resume larger up trend to 100% projection of 0.5913 to 0.6706 from 0.6420 at 0.7213. However, considering bearish divergence condition in D MACD, firm break of 0.6896 will argue that deeper correction is underway to 55 D EMA (now at 0.6802).
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.
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