Daily Pivots: (S1) 0.6422; (P) 0.6466; (R1) 0.6493; More…
AUD/USD is holding in range of 0.6356/6520 despite near term volatility. Intraday bias stays neutral for the moment. Outlook stays bearish with 0.6520 resistance intact. On the downside, break of 0.6356 will resume larger down trend to 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195.
In the bigger picture, down trend from 0.8006 (2021 high) is possibly 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.
