Daily Pivots: (S1) 0.6674; (P) 0.6724; (R1) 0.6771; More…
The break of 0.6650 minor support suggests that AUD/USD’s recovery from 0.6563 has completed at 0.6792 already. That came after rejection by 38.2% retracement of 0.7156 to 0.6563 at 0.6790. Intraday bias is back on the downside for 0.6563 and below. Sustained break there will resume the fall from 0.7156 to 61.8% projection of 0.7156 to 0.6563 from 0.6792 at 0.6426. For now, risk will stay on the downside as long as 0.6792 resistance holds, in case of recovery.
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.
