Daily Pivots: (S1) 0.6925; (P) 0.6965; (R1) 0.6987; More...
AUD/USD’s fall from 0.7181 extends lower today and the development should now confirm rejection by 0.7206 key fibonacci resistance. The decline is see as correcting whole up trend from 0.5913. Intraday bias is now on the downside for 38.2% retracement of 0.5913 to 0.7187 at 0.6700. On the upside, though, above 0.7012 minor resistance will turn intraday bias neutral again first.
In the bigger picture, current development argues that rise from 0.5913 (2024 low) is reversing whole down trend from 0.8006 (2021 high). Decisive break of 61.8% retracement of 0.8006 to 0.5913 at 0.7206 will pave the way back to 0.8006. This will remain the favored case as long as 0.6706 resistance turned support holds, even in case of deep pullback.
