Daily Pivots: (S1) 0.6362; (P) 0.6407; (R1) 0.6448; More…
AUD/USD’s decline is still in progress and intraday bias stays on the downside. Next target is 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195. On the upside, above 0.6479 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.
In the bigger picture, the down trend from 0.8006 (2021 high) could still be in progress. Break of 0.6457 support affirms this bearish case. Further break of 0.6169 will target 61.8% projection of 0.8006 to 0.6169 to 0.7156 at 0.6021. This will now remain the favored case as long as 0.6894, in case of strong rebound.
