Daily Pivots: (S1) 0.6358; (P) 0.6382; (R1) 0.6405; More…
Intraday bias in AUD/USD stays mildly on the downside for the moment. Current decline is part of the whole fall from 0.7156, next target is 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195. On the upside, break of 0.6520 resistance is needed to indicate short term bottoming. Otherwise, risk will stay on the downside in case of recovery.
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.
