Daily Pivots: (S1) 0.6634; (P) 0.6654; (R1) 0.6678; More…
AUD/USD’s fall resumed after brief recovery and intraday bias is back on the downside for retesting 0.6563 low. As noted before, consolidation pattern from 0.6563 could have completed with three waves to 0.6817.Decisive break of 0.6563 will resume larger decline from 0.7156 to 61.8% projection of 0.7156 to 0.6563 from 0.6817 at 0.6451. On the upside, above 0.6708 minor resistance will turn intraday bias neutral again first.
In the bigger picture, the failure to break through 55 W EMA (now at 0.6822) keeps medium term outlook bearish. Firm break of 61.8% retracement of 0.6169 to 0.7156 at 0.6546 will raise the chance of long term down trend resumption through 0.6169 low. This will now be the favored case as long as 0.6817 resistance holds.
