Daily Pivots: (S1) 0.6276; (P) 0.6338; (R1) 0.6371; More…
AUD/USD’s break of 0.6284 support indicates resumption of whole decline from 0.7156. Intraday bias is back on the downside. Next target is 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195, which is close to 0.6169 medium term support. For now, outlook will stay bearish as long as 0.6398 resistance holds, in case of recovery.
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.
