Daily Pivots: (S1) 0.6732; (P) 0.6769; (R1) 0.6793; More…
AUD/USD’s fall from 0.6898 accelerates through 38.2% retracement of 0.6457 to 0.6898 at 0.6730. Intraday bias is now on the downside for deeper decline to 61.8% retracement at 0.6625. On the upside, break of 0.6805 resistance is needed to indicate completion of the fall. Otherwise, risk will stay on the downside in case of recovery.
In the bigger picture, fall 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 55 D EMA (now at 0.6694) holds, even in case of deep pull back.
