Daily Pivots: (S1) 0.6715; (P) 0.6738; (R1) 0.6770; More…
Intraday bias in AUD/USD stays neutral first. Prior rejection by 55 day EMA is a near term bearish sign. Decisive break of 0.6680 will resume larger down trend. Next target will be 0.6461 long term fibonacci level. On the upside, break of 0.6915 resistance will be a near term bullish signal, and bring stronger rally through 0.7008 towards 0.7135 resistance.
In the bigger picture, price actions from 0.8006 (2021 high) is seen more as a corrective pattern to rise from 0.5506 (2020 low). Or it could also be a bearish impulsive move. In either case, outlook will remain bearish as long as 0.7135 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.
