Daily Pivots: (S1) 0.7047; (P) 0.7071; (R1) 0.7089; More…
Intraday bias in AUD/USD is turned neutral first with current retreat. On the upside, above 0.7094 temporary top will extend the rebound from 0.6832 to retest 0.7187 high. Strong resistance could be seen there on first attempt. On the downside, firm break of 55 D EMA (now at 0.6994) will suggest that the corrective pattern from 0.7187 has started the third leg. Deeper fall should then be seen to 0.6832 support and possibly below.
In the bigger picture, as long as 0.6706 cluster support holds, rise from 0.5913 (2024 low) should still be in progress. Decisive break of 61.8% retracement of 0.8006 to 0.5913 at 0.7206 will solidify the case that it’s already reversing the down trend from 0.8006 (2021 high). However, firm break of 0.6706 will dampen this bullish case, and bring deeper fall back to 0.6420 support, and possibly below.
 will suggest that the corrective pattern from 0.7187 has started the third leg. Deeper fall should then be seen to 0.6832 support and possibly below.){kind=link}