Daily Pivots: (S1) 0.6555; (P) 0.6574; (R1) 0.6593; More…
AUD/USD’s fall from 0.6894 resumed by breaking through 0.6513 and intraday bias is back on the downside. Current development argues that larger fall from 0.7156 is still in progress. Firm break of 0.6457 support will confirm this case and target 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195. For now, outlook will stays bearish as long as 0.6608 resistance holds, in case of recovery.
In the bigger picture, outlook is mixed for now as AUD/USD failed to sustain above both 55 D EMA (now at 0.6686) and 55 W EMA (now at 0.6769). On the upside, break of 0.6894 resistance will solidify the case that down trend from 0.8006 (2021 high) has already completed, and target 0.7156 resistance for confirmation. However, break of 0.6457 will likely resume the down trend through 0.6169 (2022 low).
