Daily Pivots: (S1) 0.6652; (P) 0.6704; (R1) 0.6737; More…
Intraday bias in AUD/USD is turned neutral with current retreat. Above 0.6578 will resume the rebound from 0.6563 to 55 day EMA (now at 0.6769). Sustained break there will pave the way back to retest 0.7156 high. On the downside, however, below 0.6648 minor support will turn intraday bias back to the downside for 0.6563 low.
In the bigger picture, as long as 61.8% retracement of 0.6169 to 0.7156 at 0.6546 holds, the decline from 0.7156 is seen as a correction to rally from 0.6169 (2022 low) only. Another rise should still be seen through 0.7156 at a later stage. However, sustained break of 0.6546 will raise the chance of long term down trend resumption through 0.6169 low.
. Sustained break there will pave the way back to retest 0.7156 high. On the downside, however, below 0.6648 minor support will turn intraday bias back to the downside for 0.6563 low.){kind=link}