Daily Pivots: (S1) 0.6802; (P) 0.6848; (R1) 0.6928; More…
AUD/USD’s rally accelerates to as high as 0.6898 so far today. The strong break of 0.6817 resistance should confirm that corrective fall from 0.7156 has completed with three waves down to 0.6457. Intraday bias remains on the upside for retesting 0.7156 high next. On the downside, below 0.6806 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture,decline from 0.7156 could have completed in a three wave corrective structure at 0.6457. The development argues that rise from 0.6169 (2022 low) is still in progress. Firm break of 0.7156 will also add to the case that whole down trend from 0.8006 (2021 high) has finished and turn medium term outlook bullish. For now this will be the favored case as long as 0.6457 support holds, even in case of deep pull back.
