Daily Pivots: (S1) 0.6588; (P) 0.6630; (R1) 0.6685; More…
Intraday bias in AUD/USD is turned neutral with current recovery, and some consolidations could be seen above 0.6573 temporary low. Upside of recovery should be limited below 0.6951 resistance to bring another fall. On the downside, break of 0.6573 will resume larger down trend to 0.6461 long term fibonacci level.
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.
