Daily Pivots: (S1) 0.6444; (P) 0.6463; (R1) 0.6480; More…
AUD/USD falls notably today but stays above 0.6363 short term bottom. Intraday bias remains neutral for now, and another recovery cannot be ruled out. But in that case, upside should be limited by 0.6615 resistance. On the downside, firm break of 0.6363 will resume larger fall from 0.7156 to 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195.
In the bigger picture, current development argues that the down trend from 0.8006 (2021 high) is still in progress. Decisive 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.
