Daily Pivots: (S1) 0.6897; (P) 0.6980; (R1) 0.7025; More…
AUD/USD dropped notably after hitting 0.7062 and intraday bias is turned neutral first. Some consolidations could be seen but further rally is in favor as long as 0.6721 support holds. Above 0.7062 will resume rise from 0.6169 to 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7168 next. However, firm break of 0.6721 will indicate short term topping, and turn bias back to the downside.
In the bigger picture, corrective decline from 0.8006 (2021 high) should have completed with three waves down to 0.6169 (2022 low). Further rally should be seen to 61.8% retracement of 0.8006 to 0.6169 at 0.7304. Sustained break there will pave the way to retest 0.8006. This will now remain the favored case as long as 0.6721 support holds.
