Daily Pivots: (S1) 0.6713; (P) 0.6755; (R1) 0.6825; More…
Immediate focus is now on 0.6792 resistance in AUD/USD. Decisive break there will resume the whole rebound from 0.6563 and target 0.7156 to 61.8% projection of 0.7156 to 0.6563 at 0.6929. Nevertheless, rejection by 0.6792 will maintain near term bearishness for another fall through 0.6563, to resume whole decline from 0.7156.
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.
